Laserfiche WebLink
City of St Antho- .38 <br /> Financial PI:. <br /> III. RESERVES <br /> It is important for the financial stability of the City to maintain reserve funds for <br /> unanticipated expenditures or unforeseen emergencies, as well as to provide adequate <br /> working capital for current operating needs so as to avoid short-term borrowing. <br /> POLICY STATEMENT <br /> 1. The City will establish and maintain a Contingency Reserve Fund from the prior <br /> year's General Fund budget. These funds are available for appropriation by the <br /> Council for unanticipated expenditures and unforeseen emergencies. Council <br /> will review the request for funding on a scheduled basis and authorize funding as <br /> necessary. In:.an emergency, the City Manager has the authority to commit <br /> funds from the Contingency Reserve Fund. <br /> 2. The City will maintain fund balances in the General and Special Revenue Funds <br /> at a level which will avoid issuing short-term debt to meet the cash flow needs of <br /> the current operating budget. <br /> Generally, the goal would be to maintain a minimum balance of 35% of the <br /> operating budget; however, this need could fluctuate with each year's budget <br /> objectives and appropriations such as large capital expenditures and variations <br /> in the collection of revenues. <br /> 7 <br />