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