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ORDINANCE 392 <br />PAGE TWO <br />designation or, the official books and records of the City and <br />shall annually adjust this designation so that it equals one- <br />half of the sum of the ensuing years' budgeted General Fund <br />property tax levy and anticipated local government aids. <br />Subdivision 2. There is hereby designated for Contin- <br />gencias5179,030 of the Fund Balance of the General Fund. The <br />Clerk -Administrator and Finance Director -Treasurer shall main- <br />tain this designation on the official books and records of the <br />City and shall annually adjust this designation so chat it <br />equals 10 percent of the sum of the ensuing years' General <br />Fund Expenditure Budget. <br />Subdivision 3. There is hereby designated for Compensated <br />Absences$72,888 of the Fund Dalance of the General Fund. The <br />Clerk -Administrator and Finance Director -Treasurer shall <br />maintain this designation on the official books and records <br />of the City and shall annually adjust this designation so that <br />it equals the sum of the accumulated vacation leave of all <br />employees each December 31st and the sum of the accumulated <br />sick leave of employees entitled to such for severance pay, <br />n„reran♦ to �.. ions of Chapter 6 of the Municipal Code, <br />---.._ p_ v:� <br />upon termination of their employment calculated each December , <br />31st. <br />Subdivision 4. There is hereby designated for Committed <br />Contracts $13,957 of the Fund Balance of the General Fund. <br />The Clerk -Administrator and Finance Director -Treasurer shall <br />maintain this designation on the official books and records <br />of the City and shall annually adjust this designation so that <br />it equals the sum of the General Fund's Committed Contracts <br />as of December 31st. <br />28.03 Order of Designations <br />Subdivision 1. In the event that sufficient undesignated <br />Fund Balance does not exist to permit the designation per <br />Section 28.02 above, designations shall be maue in the follow- <br />ing order to the extent possible. <br />Designated for Committed Contracts <br />Designated for Compensated Absences <br />Designated for Cash Flow <br />Designated for Contingencies <br />\90 <br />