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RESOLUTION NO. <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br />RESOLUTION AMENDING THE 2008 GENERAL FUND BUDGET FOR THE TRANSFER OF $225,160 TO <br />THE COMMUNITY REINVESTMENT FUND <br />WHEREAS, the City's Fund Balance Policy states that the City recognizes it is essential that it maintain <br />adequate levels of fund balance to mitigate current and future risks, such as revenue shortfalls and <br />unanticipated expenditures, and to ensure stable tax rates and service levels. Fund balance levels are a <br />crucial consideration in long-term financial planning; and <br />WHEREAS, the Fund Balance Policy sets forth a "targeted" balance which is the desired amount of fund <br />balance at the end of the fiscal year and it was exceeded as of December 31, 2007; and <br />WHEREAS, at the June 24, 2008 City Council Worksession, the City Council authorized $225,160 to be <br />transferred out of the General Fund and into the Community Reinvestment Fund; and <br />WHEREAS, the 2008 General Fund Budget should be amended to reflect the authorized transfer. <br />NOW THEREFORE BE 1T RESOLVED, by the City Council of the City of New Brighton to hereby <br />• approve the resolution amending the 2008 General Fund Budget by the following: <br />Add: Transfers Out to the Community Reinvestment Fund $225,160 <br />Add: Contribution from Fund Balance $225,160 <br />Adopted this 23rd day of September, 2008. <br />Steve Larson, Mayor <br />Dean R. Lotter, City Manager <br />ATTEST: <br />Daniel A. Maiers, Director <br />of Finance and Support <br />Services/City Clerk <br />(SEAL) <br />