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�tOt�O CITY OF ORONO <br /> RESOLUTION OF THE CITY COUNCIL <br /> -° G . NO. 7509 <br /> �'ESHo4� <br /> A RESOLUTION TO AMEND THE <br /> CITY OF ORONO FUND BALANCE POLICY <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 /> WHEREAS, Government Finance Officers Association(GFOA)best practices <br /> recommends government formally adopt financial policies; and <br /> WHEREAS, the Fund Balance Policy, is Policy 2 of the City of Orono's Financial <br /> Management Policies; and <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 /> WHEREAS,the unassigned fund balances in excess of 50%will be transferred to the <br /> Pavement Management Fund;and <br /> WHEREAS, a fund balance policy is created for the Golf Course Enterprise Fund; and <br /> NOW, THEREFORE, BE IT RESOLVED, that the City of Orono Council, hereby <br /> authorizes the amendment of the Fund Balance Policy; <br /> Adopted by the City Council of the City of Orono, Minnesota, at a regular meeting held <br /> September 23, 2024. <br /> ATTEST: <br /> ,.,44,! <br /> Christine usiari Clerk Dennis Walsh, Mayor <br />