Agenda Packets - 1985/05/28 - Laserfiche WebLink

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r-� ORDINANCE NO. (Rough Draft) CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA AN ORDINANCE PROVIDING FOR DESIGNATIONS OF FUND BALANCE OF THE GENERAL FUND The Council of the City of Mounds View does hereby ordain: 00.01 Definitions Committed Contracts. Cominittments for contracts which have been executed but which at present are unperformed, i.e. goods and services have been ordered but not yet delivered or performed. Fund Balance. The excess of the assets of a fund over its liabilities. 00.02 Designations of the Fund Balance of the General Fund Subdivision 1. There is hereby designated $ of the Fund Balance of the General Fund for a Reserve For Cash Flow. The Clerk -Administrator and the Finance Director shall annually adjust this Reserve so that it equals one-half of the sum of the ensuing years' budgeted General Fund property tax levy and anticipated local government aids. Subdivision 2. There is hereby designated $ of the Fund Balance of the General Fund for a Reserve for Contingencies. The Clerk -Administrator and Finance director shall annually adjust this Reserve so that it equals 10% of the sum of the ensuing years' General Fund Expenditure Budget. subdivision 3. There is hereby designated $ of the Fund Balance of the General Fund for a Reserve for Compensated Absences. The Clerk -Administrator and Finance Director shall annually adjust this Reserve so that it equals the sum of the accumulated vacation leave of all employees each December 31 and the sum of the accumulated sick leave of employees entitled to such as severance pay, pursuant to Chapter 6, upon termination calculated each December 31. subdivision 4. There is hereby designated $ of the Fund Balance of the General Fund for a Reserve for Committed Contracts. The Clerk -Administrator and Finance Director shall annually adjust this reserve so that it equals the sum of the General Fund's Committed Contracts as of December 31.