1987.12.21 RESO 1987-0065 - Laserfiche WebLink

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RESOLUTION 1987-65 RESOLUTION ADOPTING FISCAL POLICY BE IT RESOLVED BY THE CITY COUNCIL of the City of Hugo, Washington Countyo Minnesota, that the following guidelines be adopted: i. The city shall operate within the scope of the annual budget. When unbudgeted expenditures are authorized,, offsetting deletions from the budget should be identified. 2. When sinking funds are closed out, the balance should be deposited in other sinking funds, debt service accounts, or P.I.R. fund. 3. Interest from sinking fund investments should be retained in sinking fund. 4. Retain a minimum in general government reserves equal to twice our Local Government Aid. 5. Maintain a general government operating capital level at 30% of General Fund Budget to cover first six months of operation. 6. Do not use special fund revenues for general government operation. 7. Charge the utilities department for administration, audit, insurance, and related costs. 8. Review building permit and other related fees annually. 9. Certify budgeted homestead credit with ad valorem tax levy. 10. Provide monthly financial reports to City Council. 11. Provide Council with detailed line -item budget in August of each year following auditor's recommended format. 12. Invest funds to maximize interest earnings. Give local bank an opportunity to match highest interest rate. 13. Assess 100% of public improvment costs to benefiting property or developer for new developments (exception - oversizingg water main loopings, etc.). 14. Charge maximum interest rate permissible for unpaid assessments. 15. Permit city administrator to authorize expenditures up to $20000 if budgeted by the Council. 16. All unbudgeted and budgeted expenditures, in excess of $290009 must be approved by Council action identifying the source of revenue to fund the expenditure.