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7056 <br /> 2-3. PROCEDURES <br /> 1. City shall maintain necessary funds in accordance with City policy and Minnesota <br /> statutes. <br /> 2. Annual financial statements shall be prepared in accordance with generally accepted <br /> accounting principles establishing the fund balance at the end of each year. As part of <br /> this process the Finance Director is authorized to make the appropriate assignments of <br /> fund balance. <br /> 3. As part of the annual budget process the Finance Director shall prepare a current <br /> analysis of the City's fund balance. The analysis shall include the prior year ending fund <br /> balance as established by the annual financial statements, and the projected fund <br /> balance for the current year. <br /> 4. Council shall review the amounts in fund balance in conjunction with the annual budget <br /> approval, and make adjustments as necessary to meet expected cash-flow needs. <br /> 5. The policy should be periodically reviewed, especially if the composition or timing of <br /> revenue receipts change. <br /> 2-4. RESPONSIBILITY AND AUTHORITY <br /> Administrative implementation of policies is the responsibility of staff and council. <br /> 2-5.ADDITIONAL RESOURCES <br /> Original Policy—Resolution 5994, adopted November 22, 2010 <br /> Amended Policy—Resolution 6105, adopted November 12, 2011 <br /> 2-3 <br />