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Policy: 338, Financial Stabilization Reserve

POLICY NO:	338	APPROVAL DATE:	December 19, 2005
TITLE:	Financial Stabilization Reserve	REVISION DATE:
SECTION:	Finance (300)
DEPARTMENT:	Financial Services

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338

POLICY STATEMENT

To manage a separate reserve fund where annual operating surpluses will be transferred to fund any future operating deficits.

REASON FOR POLICY

To establish the sources of funding for this reserve fund, and the procedures to follow for utilization of the fund for City expenditures.

RELATED INFORMATION

Revenue Sources:

Any annual operating surpluses will be transferred to the reserve, subject to an annual resolution of Council. It is intended that this reserve may carry up to a minimum of 10% of the current year’s operating revenues.

Expenditure Guidelines:

The Financial Stabilization Reserve Fund may be expended to cover any annual operating deficiencies.

RESPONSIBILITIES

City Council will review and approve any revisions to this policy.

City Manager will review and approve any procedures related to this policy.

City Administration will carry out the policy based on established procedures.