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RESOLUTION NO. <br /> City of New Brighton <br /> County of Ramsey <br /> State of Minnesota <br /> RESOLUTION REVISING THE FUND BALANCE POLICY <br /> Whereas, the City of New Brighton has a fiduciary responsibility to its citizens and taxpayers to <br /> maintain its long-term financial stability; and <br /> Whereas, one means to maintain financial stability is to maintain adequate levels of reserves to <br /> mitigate current and future risks, such as revenue shortfalls and unanticipated expenditures; and <br /> Whereas, the Fund Balance Policy provides the framework for the overall fiscal management of <br /> the fund balance for the City's Governmental Funds; and <br /> Whereas, the Governmental Accounting Standards Board (GASB) establishes the accounting and <br /> financial reporting standards for the fund balances of governmental funds; and <br /> Whereas, GASB issued Statement#54, Fund Balance Reporting and Governmental Fund Type <br /> Definitions in February, 2009 with required implementation effective for the City's financial <br /> statements for the year ending December 31, 2011; and <br /> Whereas, Resolution# 05-037A was adopted in 2005 amending the Fund Balance Policy; and <br /> Whereas, the City's Fund Balance Policy should be revised to reflect our current practices and to <br /> be consistent with Generally Accepted Accounting Principles and GASB # 54. <br /> Now, therefore be it resolved that: the Fund Balance Policy as attached is adopted and <br /> Resolution#05-037A is superseded. <br /> Be it further resolved that: the City Council has determined that the balances available in the <br /> following funds and projects/programs are committed for their specific purposes: <br /> Special Revenue Fund—Police Reserves, Emerald Ash Borer, Community Development <br /> Studies, Project Lifesaver, Santa Cop and Police Explorer programs shall be committed to <br /> expenditures of their respective programs/activities. <br /> Closed Bond Fund shall be committed for supplemental financing for the retirement of <br /> outstanding debt principal and interest and debt related expenditures. <br /> Municipal Development Fund shall be committed for community development and <br /> redevelopment expenditures and for preliminary, initial project costs. <br />