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RESOLUTION NO. 12-048 City of New Brighton County of Ramsey State of Minnesota RESOLUTION REVISING THE FUND BALANCE POLICY the City of New Brighton has a fiduciary responsibility to its citizens and taxpayers to its long-term financial stability; and , one means to maintain financial stability is to maintain adequate levels of reserves to current and future risks, such as revenue shortfalls and unanticipated expenditures; and , the Fund Balance Policy provides the framework for the overall fiscal management of balance for the City's Governmental Funds; and the Governmental Accounting Standards Board (GASB) establishes the accounting and reporting standards for the fund balances of governmental funds; and GASB issued Statement #54, Fund Balance Reporting and Governmental Fund Type is in February, 2009 with required implementation effective for the City's financial s for the year ending December 31, 2011; and Resolution # 05-037A was adopted in 2005 amending the Fund Balance Policy; and W reas, the City's Fund Balance Policy should be revised to reflect our current practices and to be emsistentArith Generally Accepted Accounting Principles and GASB # 54. Nov therefore be it resolved that: the Fund Balance Policy as attached is adopted and Re lution 405-037A is superseded. Be further resolved that: the City Council has determined that the balances available in the foil wing funds and projects/programs are committed for their specific purposes: Revenue Fund — Police Reserves, Emerald Ash Borer, Community Development Project Lifesaver, Santa Cop and Police Explorer programs shall be committed to tures of their respective programs/activities. Bond Fund shall be committed for supplemental financing for the retirement of ding debt principal and interest and debt related expenditures. icipal Development Fund shall be committed for community development and ✓elopment expenditures and for preliminary, initial project costs.