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• <br /> RESOLUTION 86-020 <br /> A RESOLUTION ESTABLISHING A LEVEL OF FINANCIAL RESERVES <br /> AND APPROPRIATION OF EXCESS THEREFROM <br /> WHEREAS, the City Council of the City of St. Anthony has determined <br /> that the establishment and maintenance of adequate financial reserves <br /> is necessary for sound fiscal operations of the City, and <br /> WHEREAS, establishment of reasonable levels of reserve funds for the <br /> general operation of the City has been accomplished, but similar re- <br /> serve funds for replacement of capital equipment and facilities has <br /> not previously been accomplished by the City. <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br /> St. Anthony that the City attempt to maintain a General Fund Reserve of <br /> 35% of current budgeted General Fund Expenditures and that any excess <br /> be appropriated to the Capital Outlay Fund. <br /> • Adopted this 13 ' day of I'Y1.L.l 1986. <br /> Mayor <br /> ATTEST: J <br /> City Clerk <br /> Reviewed for administration: <br /> City Manager <br />