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11/16/2022 <br />2 <br />KEY COMPONENTS OF CURRENT POLICY <br />Minnesota State Auditor’s office recommends that Cities maintain  <br />their unassigned General Fund balance at 35‐50%. Current policy  <br />reflects State Auditor’s recommend range.  <br />If the audited General Fund Balance exceeds policy defined upper  <br />range of 50%, policy options include:  <br />Reset Fund Balance after Audit, begins the new year with a fund balance  <br />in the range of 42.5% ‐50% based on the Council’s discretion  <br />Transfer  excess fund balance, if any, to capital / special revenue funds  <br />based on City Council guidance  <br />Retain a Fund Balance in excess of 50% <br />FUND BALANCE RE-SET ILLUSTRATIONS <br />42.5% 45% 47.5% 50% <br />Actual Actual Actual Actual <br />2022 Budgeted Expenditures 8,013,767$ 8,013,767$ 8,013,767$ 8,013,767$ <br />Less Police and Finance contracts 913,072 913,072 913,072 913,072 <br />Net 2022 Budgeted Expenditures 7,100,695 7,100,695 7,100,695 7,100,695 <br />Unassigned Fund Balance @ 12/31/2021 A 3,730,206$ 3,730,206$ 3,730,206$ 3,730,206$ <br />2021 Ending Fund balance % 53% 53% 53% 53% <br />Minimum fund balance range 35-50% <br />Opening 2022 Fund Balance (reset to 42.5%-50%) B 3,017,795$ 3,195,313$ 3,372,830$ 3,550,348$ <br />2022 Transfer to Capital / Special Revenue Funds A-B= 712,411$ 534,893$ 357,376$ 179,859$