HomeMy WebLinkAbout1987.12.21 RESO 1987-0065RESOLUTION 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.
17. Have and maintain general ledger on computer by December 31, 1989.
18. Have and maintain municipal utilities on computer by December 31,
1988.
19. Do not use general government reserves to fund next year's budget
unless reserves and operating capital levels have been exceeded.
20. Fund major capital improvements by bond sales using referendum where
required.
21. Levy taxes to the limit when city is subject to statutory levy limit.
22. Utilize sale of certificates of indebtedness for equipment purchases
to offset the general levy for equipment rental.
23. Prepare a five (5) year capital improvements program to identify
needed public improvements and the funding source options.
24. Utilize special tax levy to finance deficient debt service funds.
Upon roll call, the following members voted AYE: Theodora Peltier, Arthur
Potts, Robert Olsonp Deane Vail, George Atkinson
Upon roll call, the following members voted NAY: NONE
ADOPTED AND PASSED THIS 21st DAY OF
ATTEST:
Mary0^11 Creager, CituAhlerk " 61-
DECEMBER, 1987.
W AOF
0 MKOON, , Maw, WMA162 M, I �,MAI W,� A
inls�K, mayor