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RESOLUTION 1990-15 <br />RESOLUTION ADOPTING FISCAL POLICY <br />BE IT RESOLVED by the City Council of the City of Hugo, <br />Washington County, Minnesota, that the following fiscal <br />guidelines be adopted: <br />1. The City Council shall be provided with a detailed line -item <br />budget in August of each year that conforms to the chart of <br />accounts as prescribed by the Office of the State Auditor. <br />2. The city shall operate within the scope of the annual <br />budget. When unbudgeted expenditures are authorized <br />without a corresponding revenue source, offsetting deletions <br />from the budget should be identified. <br />3. Special fund revenues should not be used for general fund <br />operations. <br />4. The municipal utilities department should be charged for its <br />proportionate share of administrative, audit, insurance and <br />other related costs. <br />5. Property taxes shall be levied to the limit when the city <br />is subject to statutory maximums. <br />b. The annual certified ad valorem tax levy shall include <br />homestead credit. <br />7. Deficiencies in debt sinking funds shall be replenished by <br />special tax levies. <br />S. Building permit and other related fees and charges for <br />services should be reviewed annually. <br />9. General fund reserves in an amount equal to twice our <br />certified Local Government Aid should be designated in the <br />annual audit report as reserved for potential revenue <br />losses. <br />10. General fund reserves in an amount equal to 30% of the <br />general fund operating budget should be designated in the <br />annual audit report as reserved for working capital to cover <br />the first six months of operation. <br />11. General fund reserves shall not be budgeted for expenditure <br />unless designated reserves for potential revenue losses and <br />working capital have been exceeded. <br />