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<br />RESOLUTION NO. 05-037 A <br /> <br />City of New Brighton <br />County of Ramsey <br />State of Minnesota <br /> <br />RESOLUTION AMENDING THE FUND BALANCE POLICY <br /> <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 /> <br />Whereas, one means to maintaining financial stability is to maintain adequate <br />levels of reserves to mitigate current and future risks, such as revenue shortfalls <br />and unanticipated expenditures; and <br /> <br />Whereas, the Fund Balance policy provides the framework for the overall fiscal <br />management of the fund balance for the General, Closed Bond and Environmental <br />Restoration Funds; and <br /> <br />Whereas, Resolution #'s 86-143 and 87-145 were adopted establishing a policy for <br />the Closed Bond Fund and approving policy for general reserves; and <br /> <br />Whereas, our policies should be amended to reflect our current practices. <br /> <br />Now, therefore be it resolved that: The Fund Balance Policy as attached is adopted <br />and supersedes Resolution # 86-143 and Resolution # 87-145. <br /> <br />Adopted this 10th day of May, 2005. <br /> <br />~~ <br /> <br />Steve Larson, Mayor <br /> <br />Attest: <br /> <br /> <br />/!Ja~~t.~~ ~A~CU <br /> <br />Daniel A. Maiers, Director of Finance and Support Services <br />