HomeMy WebLinkAboutResolution 8026 RESOLUTION NO. 8026
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
Assigning General Fund Balance for Future Levy Reduction and Stabilization
WHEREAS, the City desires to maintain accounting records that follow Generally
Accepted Accounting Principles (GAAP); and
WHEREAS, the City Council would like to maintain the intent of the former Levy
Reduction Special Revenue Fund; and
WHEREAS, the City Council previously "Committed" fund balance in Resolution 7824;
and
WHEREAS, additional guidance has been provided by the Government Finance
Officers'Association (GFOA) as to requirements for establishing committed fund balance; and
WHEREAS, the amount previously committed for levy reduction does not meet those
criteria but does meet the criteria for assignment; and
WHEREAS, the City Council would like to "Assign" General Fund balance for future levy
reduction/stabilization and has established that use of assigned fund balance can be no more
than ten percent (10%) of the subsequent years budgeted expenditures; and
WHEREAS, 2012 and future assigned amounts will be calculated by adding to the
preceding years' amount a proportional amount of interest and deducting the council designated
budget transfer to determine the current years' assigned amount; and
WHEREAS, future councils are not limited by this assignment if circumstances change
and can modify this assignment by rescinding and passing a new resolution.
NOW THEREFORE, BE IT RESOLVED by the Mounds View City Council that General
Fund Balance is Assigned for future levy reduction and stabilization based on the above formula
and future use of assigned fund balance is limited to no more than ten percent (10%) of
subsequent budgeted expenditures.
Adopted this 26th day of November 2012.
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ATTEST:
J 1, --
Jim Ericson, City Administrator
(SEAL)