Laserfiche WebLink
<br /> <br /> <br /> <br /> <br /> <br /> <br />CITY OF ORONO <br />RESOLUTION OF THE CITY COUNCIL <br /> <br />NO. 7509 <br /> <br /> <br /> <br />A RESOLUTION TO AMEND THE <br />CITY OF ORONO FUND BALANCE POLICY <br /> <br /> <br />WHEREAS, financial management policies guide in the preparation and management of <br />the City’s overall budget and major objectives to be accomplished; and <br /> <br />WHEREAS, Government Finance Officers Association (GFOA) best practices <br />recommends government formally adopt financial policies; and <br /> <br />WHEREAS, the Fund Balance Policy, is Policy 2 of the City of Orono’s Financial <br />Management Policies; and <br /> <br />WHEREAS, the Fund Balance Policy, last amended by Resolution 7056, will be <br />amended to revise the minimum unassigned General Fund balance to 40% of the fund’s annual <br />operating budget; and <br /> <br />WHEREAS, the unassigned fund balances in excess of 50% will be transferred to the <br />Pavement Management Fund; and <br /> <br />WHEREAS, a fund balance policy is created for the Golf Course Enterprise Fund; and <br /> <br />NOW, THEREFORE, BE IT RESOLVED, that the City of Orono Council, hereby <br />authorizes the amendment of the Fund Balance Policy; <br /> <br />Adopted by the City Council of the City of Orono, Minnesota, at a regular meeting held <br />September 23, 2024. <br /> <br /> <br />ATTEST: <br /> <br /> <br /> <br />________________________________ _______________________________ <br />Christine Lusian, City Clerk Dennis Walsh, Mayor <br /> <br /> <br /> <br /> <br /> <br />30