HomeMy WebLinkAboutRES 86-020 RESOLUTION ESTABLISHING A LEVEL OF FINANCIAL RESERVES AND APPROPRIATION OF EXCESS THEREFROM Meeting Sheet
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102380
Box: 23
Folder: RES 1986
Document: RES 86-020 RESOLUTION ESTABLISHING A LEVEL OF
FINANCIAL RESERVES AND APPROPRIATION OF EXCESS THEREFROM
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RESOLUTION 86-020
A RESOLUTION ESTABLISHING A LEVEL OF FINANCIAL RESERVES
AND APPROPRIATION OF EXCESS THEREFROM
WHEREAS, the City Council of the City of St. Anthony has determined
that the establishment and maintenance of adequate financial reserves
is necessary for sound fiscal operations of the City, and
WHEREAS, establishment of reasonable levels of reserve funds for the
general operation of the City has been accomplished, but similar re-
serve funds for replacement of capital equipment and facilities has
not previously been accomplished by the City.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
St. Anthony that the City attempt to maintain a General Fund Reserve of
35% of current budgeted General Fund Expenditures and that any excess
be appropriated to the Capital Outlay Fund.
• Adopted this 13 ' day of I'Y1.L.l 1986.
Mayor
ATTEST: J
City Clerk
Reviewed for administration:
City Manager