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POLICY AMENDMENTS FOR CONSIDERATION <br />Minnesota State Auditor’s office recommends that <br />Cities maintain their unassigned General Fund <br />balance at 35-50% <br />Amend Current Policy to reflect State Auditor’s <br />recommend range <br />Address the situation when one time monies creates a <br />Fund Balance beyond policy defined range <br />Annually reset Fund Balance after Audit, begins the new year with <br />a fund balance at 42.5% -mid-point of Auditor’s <br />recommendation (provide for reset to be discretionary) <br />Transfer excess fund balance, if any, to capital / special revenue <br />funds approved by City Council <br />IMPACT OF MODIFIED POLICY <br />Actual <br />2021 Budgeted Expenditures 7,651,785$ <br />Less Police and Finance contracts 897,989 <br />Net 2021 Budgeted Expenditures 6,753,796 <br />Unassigned Fund Balance @ 12/31/2020 A 3,238,208$ <br />2020 Ending Fund balance %48% <br />Minimum fund balance ranage 35-50% <br />Opening 2021 Fund Balance (reset to 42.5%)B 2,870,363$ <br />2021 Transfer to Capital / Special Revenue Funds A-B=367,845$