Title
Request for Adoption of the Fund Balance Policy
Body
Whereas, the City Council believes that sound financial management practices require that a sufficient amount of fund balance be retained, by the City, to provide a stable financial base. To retain this stable financial base, the City needs to maintain a fund balance/retained earnings within its funds to fund the cash flows of the City and to provide financial reserves for unanticipated revenue and/or expenditure shortfalls.
Now, Therefore, Be It Resolved, that the Rochester Hills City Council hereby adopts the Fund Balance Policy as presented with the addition of examples to Item 3F.