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MEMORANDUM <br />To: St. Anthony Village City Council <br />From: Shelly Rueckert, Finance Director <br />Date: August 24, 2021 City Council Meeting <br />Request: Approval of fund balance Policy as revised <br />BACKGROUND <br />Discussions regarding the revision of the Fund balance were part of the 2021 Goal setting. The proposed <br />revisions were reviewed at the City Council work session on 8/20/21. The substantive revisions proposed were: <br />•Increasing and expanding the minimum fund balance range from 30-35% to 35-50% <br />•Providing for the Minimum Fund balance to be re-set at 42.5% annually – as feasible <br />•Transfer of excess fund balance may be directed to capital or special revenue funds <br />The attached redlined fund balance policy incorporates these revisions. <br />RECOMMENDATION <br />Staff recommends approval of Resolution 21-0xx <br />ATTACHMENTS: <br />•Redlined policy <br />•Resolution 21-064 <br />13