HomeMy Public PortalAboutResolution 02-04 Minimum Fund BalancesRESOLUTION NO. 02-04
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MCCALL, IDAHO,
RELATING TO THE ESTABLISHMENT OF MINIMUM FUND BALANCES AND
ESTABLISHING AN EFFECTIVE DATE
WHEREAS, The City of McCall may not expend funds in excess of their
appropriation, Idaho Code 50-1006; and
WHEREAS, The City of McCall receives revenues at a different interval
than it expends funds; and
WHEREAS, The City of McCall must make prompt payments of debts and
obligations, Idaho Code 67-2302; and
WHEREAS, The City of McCall's auditors recommend maintaining a fund
balance that enables the City to meet debts and obligations when due;
and
WHEREAS, The City Council has determined that there should be
designated minimum fund balance percentages.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the
City of McCall that:
Section 1: The Treasurer shall insure that the following minimum fund
balances are maintained in addition to any sums required under loan or
bond agreements:
General Fund an amount equal to 40% of the three most recent
years' average operating budget.
Special Revenue Funds an amount equal to 30% of the three most
recent years' average operating budget.
Enterprise Funds an amount equal to 30% of the three most recent
years' average operating budget.
Section 2: This Resolution will be in full force and effect immediately upon
its passage and approval by the City Council.
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Resolution No. 02-04
Adopted by Council March 14, 2002
~ved this 14th day of March 2002.
CITY OF MCCALL
Valley County, Idaho
" ' RalPh C~ton, Mayor
O~e~n A. Koch,~'City i3'i~rk
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Resolution No. 02-04
Adopted by Council March 14, 2002