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Fiscal Policies <br />systems will conform to accepted principles of <br />standards of the Governmental Accounting <br />Standards Board, Governmental Finance <br />Offices Association, and the State of <br />Colorado. (As amended March 18, 1997, <br />Resolution No. 19) <br />42. The City shall apply to the <br />Finance Officers Association <br />Certificate of Conformance in the <br />Reporting Program. <br />Government <br />for its <br />Financial <br />43. An annual audit will be performed by an <br />independent public accounting firm with the <br />subsequent issue of an official annual financial <br />statement. <br />44. Full disclosure will be provided in the annual <br />financial statements and bond representations. <br />Fund Balance Policies <br />(Resolution No. 42, Series 1996) <br />13 <br />45. General Fund — The minimum unreserved, <br />undesignated fund balance of the General <br />Fund shall be calculated annually at 15°%o of <br />the then current operating budget. <br />46. Water and Wastewater Enterprise Funds, <br />Operating and Maintenance Reserve — The <br />minimum unrestricted cash balances of the <br />Water and Sewer Utility Funds for operating <br />and maintenance shall be calculated annually <br />based on that year's budget and equivalent to <br />15% of the then current operating and <br />maintenance budget. <br />47. Water and Wastewater Enterprise Funds, <br />Capital Reserve — The minimum <br />unrestricted cash balances of the Water and <br />Sewer Utility Funds for capital shall be <br />calculated annually based on that year's <br />estimated depreciation and shall include the <br />equivalent of the current annual depreciation <br />expenses. <br />