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Policies <br />(con't) <br />additional funds for limited <br />unexpected service needs such as <br />additional snow removal, and (3) <br />LIQUIDITY RESERVES, to provide <br />limited funds to smooth fluctuations in <br />revenues caused by changes in <br />economic conditions. A minimum of <br />six percent of the general fund <br />operating budget shall be held in <br />reserve. <br />29. The City of Louisville will <br />establish an equipment reserve <br />fund and will appropriate funds <br />to it annually to provide for <br />timely replacement of <br />equipment. <br />Note: Policy No. 30 has been <br />reserved for future use. <br />Capital Improvement Policies <br />31. The city will make all capital <br />improvements in accordance <br />with an adopted capital <br />improvement program. <br />32. The city will develop a multi- <br />year plan for capital <br />improvements and update it <br />annually. <br />33. The city will enact an annual <br />capital budget based on the <br />multi -year capital improvement <br />plan. This capital budget will <br />be coordinated with the <br />operating budget. <br />34. The city will require that project <br />costs be submitted with capital <br />projects requested. "Full life" <br />costs including operating, <br />maintenance and demolition, if <br />any, should be listed. <br />35. The city will project its <br />equipment replacement and <br />maintenance needs for the next <br />several years and will update <br />this projection each year. From <br />this projection, a maintenance <br />and replacement schedule will <br />be developed and followed. <br />36. The city will maintain all its <br />assets at an adequate level in <br />order to protect the city's <br />capital investment and to <br />minimize future maintenance <br />and replacement costs. <br />Investment Policies (As amended <br />by Resolution No 42, 1989) <br />Scope - This investment policy <br />applies to activities of the city with <br />regard to investing the financial <br />assets of all funds, including the <br />following: <br />General Fund <br />Special Revenue Fund <br />Capital Projects Funds <br />Enterprises Funds (Sewer, <br />Water and Golf Course Funds) <br />Objectives -Funds of the City will be <br />invested in accordance with State <br />Law and in a manner designed to <br />accomplish the following objectives: <br />ensure the safety of funds, ensure <br />the adequate funds are available at <br />all times to meet the financial <br />obligations of the city when due, earn <br />a market rate of return on the funds <br />available for investment throughout <br />the budget cycle. <br />Delegation of Authority -The <br />Finance Director is designated as <br />investment officer of the city and is <br />responsible for investment decisions <br />and activities, under the direction of <br />the City Administrator. <br />13 <br />