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LCity,/ <br />Louisville <br />Financial Policies <br />2.6 Recreation Fund Reserves. The minimum fund balance of the Recreation Fund shall be <br />maintained at or above 15% of current operating expenditures. For purpose of this policy, <br />operating expenditures are defined as all expenditures, excluding intertund transfers and <br />capital outlay. <br />In addition to maintaining an operating reserve, the Recreation Fund will also maintain a <br />capital asset renewal and replacement reserve. The purpose of this reserve is to accumulate <br />funds for the timely renewal and replacement of Recreation Center and Memory Square Pool <br />assets, The methodology for calculating this reserve will be approved by the Finance <br />Committee. <br />2.7 Golf Course Fund Reserves. The minimum working capital balance of the Golf Course Fund <br />shall be maintained at or above 15% of current operating expenditures. For purpose of this <br />policy, operating expenditures are defined as all expenditures, excluding interfund transfers <br />and capital outlay. <br />