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<br />Resolution No. 42 <br />Series 1996 <br /> <br />\ RESOLUTION AMENDING THE FINANCIAL POLICIES FOR THE CITY OF LOUISVILLE <br /> <br />WHEREAS, the Council adopted the financial policies for the City of LouiYille by Resolution No. 19, Series <br />1984; and <br /> <br />WHEREAS, the need exists to establish a fund balance policy; <br /> <br />NOW, THEREFORE, the City Council of the City of Louisville, Colorado hereby resolves, that the City of <br />Louisville Financial Policies shall be amended by the addition of the following Policies: <br /> <br />Fund Balance Policy <br /> <br />Policy 45: <br />General Fund - the minimum unreserved, undesignated fund balance of the General <br />Fund shall be calculated annually at 15% of the then current operating budget. <br /> <br />Policy 46: <br />Water and Sewer Utility Funds, Operating & Maintenance Reserve - The minimum unrestricted cash <br />balances of the Water and Sewer Utility Funds for operating and maintenance shall be calculated <br />annually based on that year's budget and shall include the equivalent of 15% of the then current <br />operating and maintenance budget. <br /> <br />':>olicy 47: <br />Water and Sewer Utility Funds, Capital Reserve - The minimum unrestricted cash balances of the Watff <br />and Sewer Utility Funds for capital shall be calculated annually based on that year's estimated <br />depreciation and shall include the equivalent of the current annual depreciation expenses. <br /> <br />PASSED AND ADOPTED this 18th Day of June, 1996. <br /> <br />~ <br /> <br />~ ~ ~c- <br /> <br />Tom Davidson, Mayor <br /> <br />- <br /> <br />A TT](~.:r <br />~~-"')- <br /> <br />David Clabots, City Clerk <br />