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RESOLUTION NO. 2017-039 <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br />RESOLUTION REVISING THE FUND BALANCE POLICY <br />WHEREAS, the City of New Brighton has a fiduciary responsibility to its citizens and <br />taxpayers to maintain its long-term financial stability; and <br />WHEREAS, one means to maintain financial stability is to maintain adequate levels of <br />reserves to mitigate current and future risks, such as revenue shortfalls and unanticipated <br />expenditures; and <br />WHEREAS, the Fund Balance Policy provides the framework for the overall fiscal <br />management of the fund balance for the City’s Governmental Funds; and <br />WHEREAS, Resolution # 12-048 was adopted in 2012 amending the Fund Balance Policy; <br />and <br />WHEREAS, the City’s Fund Balance Policy should be revised to reflect the Minnesota <br />State Auditor recommendation to maintain an unassigned general fund balance level at year-end <br />to not less than 35% of the subsequent year’s budgeted operating expenditures. <br />NOW, THEREFORE BE IT RESOLVED the Fund Balance Policy as attached is adopted and <br />Resolution #12-048 is superseded. <br />ADOPTED this 11th day of July, 2017 by the New Brighton City Council with a vote of 5 ayes and <br />0 nays. <br />ATTEST: <br />___________________________ <br />Valerie Johnson, Mayor <br />___________________________ <br />Dean Lotter, City Manager <br />________________________________ <br />Terri Marohn, City Clerk