HomeMy WebLinkAboutResolution 4812
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RESOLUTION NO. 4812
CITY OF MOUNDS VIEW
COUNTY OF RAMS
STATE OF MINNESOTA
RESOLUTION ESTABLISHING A CONTINGENCY FUND POLICY
WHEREAS, in accordance with sound public policy, the City Council has
determined that formal, written policy on Contingency Fund use is important to the
continued sound financial practices of the City.
NOW, THEREFORE, BE IT RESOLVED THAT, the City Council in and for the City
of Mounds View does hereby adopt the Contingency Fund Policy that is attached hereto
as Attachment A.
Adopted this 11 th day of September, 1995.
ATTEST
(SEAL)
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ATTACHMENT A
TO RESOLUTION NO. 4812
CONTINGENCY FUND POLICY
I. Purpose of Policy
The purpose of this policy is to assure that General Fund resources are available
to meet qualified unbudgeted and unforeseen expenditures and allow the City
Council flexibility in governing the financial health of the City of Mounds View.
II. Policy Statement
A. Annually, the City Council shall establish a General Fund Contingency
Fund.
B. Expenditures from the Fund will be appropriated only under the guidelines
established under Policy Procedures.
III.
Policy Procedures
A. All expenditures from the Fund shall be approved only after a case
has been made that the expenditure meets at least one of the
following criteria:
1. The expenditure is a result of an unforeseen emergency
requiring unbudgeted funds to maintain accepted and agreed
upon levels of service delivery, or
2. The expenditure is not of an emergency nature, but is
required to meet Council goals and objectives for continued
quality service delivery or to meet an unforeseen service
need, or
3. It is proven that funds for the proposed Contingency Fund
expenditure cannot be secured from existing sources within
the current year's budget without negatively affecting other
goals and objectives.
4. The expenditure is not of a recurring nature.
ADOPTED BY CITY COUNCIL SEPTEMBER 11, 1995