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1 � <br /> SECTION 3: EXPENDITURE GROWTH AND TRANSFERS TO <br /> CAPITAL RESERVES <br /> The City's goal is to maintain annual expenditure increases at a conservative growth rate <br /> and limit expenditures to anticipated revenues. Revenues in excess of operating <br /> expenditures ("Surplus Funds") may be transferred to a Capital Reserve, Long Term <br /> Obligation, or Debt Service Fund. Capital projects, Street Overlays and Motor Vehicle <br /> replacements may be funded from Capital Reserve funds. <br /> SECTION 4: ALLOWABLE FUND BALANCE EXPENDITURES <br /> Fund Balance may be accessed under the following conditions: <br /> D. The Fund Balance target will be maintained at 20% of Operating <br /> Revenues. Surplus Funds may be transferred to a Capital Reserve, Long <br /> Term Obligation, or Debt Service Fund, or may be used to restore the <br /> target fund balance; <br /> E. A maximum of 25% of the General Government Fund Balance (5% of <br /> operating revenues) may be used with supermajority approval to fund <br /> unforeseen expenditures or unanticipated revenue fluctuations. The City <br /> will identify a plan to restore the Fund Balance to its target amount as <br /> part of the budget proposal; and <br /> F. Except in the event of the declaration of an emergency, which requires a <br /> supermajority approval of City Council, a minimum Fund Balance equal to <br /> 15% of operating revenues will be maintained. The City will identify a <br /> plan to restore Fund Balance to its minimum target as part of the <br /> emergency budget proposal. <br /> .(//2, &1t <br /> Council Person Introducing Resolution <br /> PASSED and APPROVED this 11th day of August , 2004 <br /> Council President <br />