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87-145
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87-145
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<br />~-:--"'"'" <br /> <br />.... <br /> <br />"'. <br /> <br />RESOLUTION NO.87-145 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />RESOLUTION APPROVING POLICY FOR GENERAL RESERVES <br /> <br />Whereas, the City Council directed that the Financial <br />policy Advisory Board prepare a proposal on the desirability <br />of establishing general reserves; <br /> <br />Whereas, the Advisory Board has determined that such <br />a policy would be desirable and the City Council is in agree- <br />ment with this finding; <br /> <br />Whereas, the benefits of this policy are: <br /> <br />-less dependence on external aid whose amounts are <br />outside of the City's control; <br />-instill fiscal discipline in the budget process by <br />encouraging total spending of less than total revenue; <br />-avoid boom/bust cycles in services which would reduce <br />costly layoffs and cuts; <br />-enhance or maintain the City's bond ratings; and, <br />-provide some additional revenue through interest income. <br /> <br />Now, therefore be it resolved that: <br /> <br />1. The general reserves shall be defined as the uncomrnitteo <br />portion of the General Fund and Capital Replacement Fund fund <br />balances. <br /> <br />2. The goal for the reserve for cash flow shall be at <br />an amount equal to one-half of the sum of the ensuing year's <br />budgeted General Fund tax levy and anticipated local government <br />aids. <br /> <br />3. The goals for the reserve for contingencies shall <br />be at an amount equal tolO% of the ensuing year's expected <br />General Fund budget. <br /> <br />4. Any variance between the actual reserve amount and <br />the amounts specified in Section 2 and 3 above, shall be <br />adjusted over the ensuing five years in increments of 20% per ye~r. <br /> <br />5. The reserves shall be expended only when a drop in <br />external aids occurs. <br /> <br />Adopted this 22ndday of December, <br /> <br />1987. <br /> <br />R~ <br /> <br />il <br /> <br /> <br />Manager' <br /> <br />ATTEST: <br /> <br /> <br />"w .'" <br /> <br />- <br />---....... ~ <br />
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