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<br />_. I! <br /> <br />'" <br /> <br />RESOLUTION NO. 86-31 <br /> <br />'I <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF NEW BRIGHTON <br /> <br />; ~ <br /> <br />RESOLUTION ESTABDISHING AN INTER-FUND INTEREST POLICY <br /> <br />Whereas, the purpose of an inter-fund interest policy <br />1S to properly expense and compensate for the use of cash; <br /> <br />Whereas, the City supports the proper expensing and <br />compensating for the use of cash; <br /> <br />,- <br /> <br />NOW, THEREFORE BE IT RESOLVED THAT: <br /> <br />1. On a quarterly basis, the cash position of all <br />funds shall be reviewed and if a deficit exists <br />then an interest expense shall be recorded. <br /> <br />2. The interest expense shall be equal to the <br />rate then being charged for a 90 day Treasury Bill <br />times the ending amount of the cash deficit. <br /> <br />~ ; <br /> <br />3. The interest expense shall be considered part <br />of any subsequent cash deficit, if such should <br />exist for a fund. <br /> <br />4. An interest revenue shall be recorded on a <br />quarterly basis. The revenue amount shall be <br />equal to the interest expense. <br /> <br />5. The interest revenue shall be allocated to <br />funds based on their participation in financing <br />the cash deficit. <br /> <br />6. This policy shall be effective for the last <br />quarter of 1985. <br /> <br />7. This policy supersedes any prior policy or <br />practice. <br /> <br />Adopted this i8th day of April, 1986. <br /> <br />~...-... <br />.".-,~". /"' ,. /-,-' <br />~.--- : ,,",' <br /> <br />- t::<....-~ <br />Robert J. B e, Mayor <br /> <br />ATTEST: <br /> <br /> <br /> <br />j} <br /> <br />" <br /> <br />