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City Council Agenda and Packet 2015 09 21 BUDGET
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City Council Agenda and Packet 2015 09 21 BUDGET
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3/11/2021 2:08:09 PM
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10/12/2015 9:38:48 AM
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City Council Records
Doc Type
City Council Packet
Original Hardcopy Storage
7A5
Record Series Code
45.010
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CCAGPKT 2015 09 21 BUDGET
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LCityof <br />Louisville FINANCIAL POLICIES <br />COLORADO • SINCE 1878 <br />Reserve Policies <br />Policy Section: 2 <br />Adopted by Resolution No. , Series <br />Effective Date: <br />Purpose and Scope <br />The City of Louisville desires to maintain an appropriate level of financial resources to guard its <br />citizens against service disruption in the event of unexpected revenue shortfalls or unanticipated <br />one -time expenditures. This policy is also intended to document the appropriate reserve levels <br />to protect the City's credit worthiness and maintain its good standing with bond rating agencies. <br />Reserves are accumulated and maintained to provide stability and flexibility to respond to <br />unexpected adversity and /or opportunities. This policy establishes the reserve amounts the City <br />will strive to maintain in its General Fund and its other major operating funds. This policy also <br />stipulates the conditions under which those reserves may be used and how the reserves will be <br />replenished if they fall below established reserve amounts. <br />The City will measure its compliance with this policy as of December 31st of each year, as soon <br />as practical after final year -end information is audited and becomes available. <br />Policies <br />2.1 General Fund Reserves. The minimum unrestricted fund balance of the General 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 less any interfund transfers to <br />other funds, regardless of whether the transfers are considered recurring or non - recurring. <br />While the minimum unrestricted fund balance is set at 15% of current operating <br />expenditures, the targeted unrestricted fund balance will be at or above 20% of current <br />operating expenditures. This higher target is in recognition of: <br />• the General Fund's reliance on revenue sources that are subject to fluctuations (sales <br />and use taxes); <br />• the General Fund's exposure to unexpected and significant one -time expenditure outlays <br />(transfers to the Capital Projects Fund, mid -year changes to operations, disasters, etc.); <br />and <br />• the potential drain on General Fund resources from other funds (recurring support <br />transfers to the Open Space & Parks Fund and the Cemetery Fund). <br />The use of General Fund reserves will be limited to addressing unanticipated, non - recurring <br />needs. Reserves shall not normally be used for recurring annual operating expenditures. <br />19 <br />
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