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G-1 <br />d) The IT Fund is used to account for total expenses related to software and <br />technology. Each fund pays into this fund to cover their appropriate portions of <br />expenses. The long-term goal of this fund is to provide funding for all technology <br />improvements. <br /> <br />2-3. PROCEDURES <br /> <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 /> <br />2-4. RESPONSIBILITY AND AUTHORITY <br />Administrative implementation of policies is the responsibility of staff and council. <br /> <br />2-5. ADDITIONAL RESOURCES <br />Original Policy – Resolution 5994, adopted November 22, 2010 <br />Amended Policy – Resolution 6105, adopted December 12, 2011 <br />Amended Policy – Resolution 7056, adopted December 9, 2019 <br /> <br />33