HomeMy WebLinkAboutResolution 6909 ���0 CITY OF ORONO
RESOLUTION OF THE CITY COUNCIL
y� ��� No. 6 9 0 9
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A RESOLUTION SETTING THE MAXIMUM FUND BALANCE
OF THE INSURANCE FUND
WHEREAS, the City created the Insurance Internal Service Fund effective January 1,
2000; and
WHEREAS, the fund balance has increased from an original amount of$123,900 to an
estimated $605,000; and
WHEREAS, The current fund balance is more than sufficient for the fund's needs;
NOW THEREFORE BE IT RESOLVED, that the Orono City Council, hereby sets the
maximum fund balance of the Insurance Fund at$300,000. At the end of the fiscal year, funds in
excess of the maximum may be transferred to another fund as designated by the City Council.
Adopted by the City Council of the City of Orono, Minnesota at a regular meeting held
October 8, 2018.
ATTEST:
.
Anna Carlson, City Clerk Dennis Walsh, Mayor