HomeMy WebLinkAbout6.g. Fund Balance Policy (F-7)CITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: December 16, 2003
The draft Fund Balance Policy was discussed at the November 12 and December 10 Committee of
the Whole meetings for your review and comments. Direction has been given to staff to bring the
final draft of this policy forward approval. This policy will allow the City to maintain a healthy fund
balance and to designate excess funds for items that are longer -term goals of the City. The General
Fund will maintain a 55 %year -end fund balance in relation to the following year's budget. This is a
number that will allow us to maintain our day to day operations and meet the cash flow needs that we
have in dealing with our bi- annual tax payments in July and December of each year.
RECOMMENDED ACTION: Approve fund Balance Policy (F -7),
COUNCIL ACTION:
AGENDA ITEM: Fund Balance Policy (F -7)
AGENDA SECTION:
Consent
PREPARED BY: Jeff May, Finance Director
AGENDA NO.
ITEM u
6
ATTACHMENTS: Fund Balance Policy
APPROVED BY:
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