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Section 9. Reserves (continued) <br />c. At the close of each fiscal year, the unrestricted balances of the Enterprise Funds <br />shall equal or exceed 20% of the previous year revenue, exclusive of the effects <br />of GASB Statement 68, as well as significant non -operating, non -recurring <br />revenues such as real estate sales, transfers in from otherfunds or debt proceeds. <br />d. Use or draw down of minimum balances shall occur only upon recommendation <br />of City Administration and approval by City Council through a resolution. Should <br />use or draw down occur, the City Administration shall establish a plan, no later <br />than the end of the fiscal year following the year of decline, to restore the fund <br />balance to the prescribed minimum level. The plan shall be presented to and <br />approved by the City Council. <br />e. A One-time Revenue Reserve shall be established and maintained in the <br />Contingency Fund. The One-time Revenue Reserve shall be credited annually <br />with 10% of the prior year one-time revenues to the extent General Fund surplus <br />for the year is sufficientto cover the reserve funding. Use of the reserve shall <br />occur only upon recommendation by City Administration and approval by City <br />Council resolution. <br />f. The City shall maintain a reserve in each of its self -insured health care funds in <br />an amount equal to 1.5 times, or 150%, of the actuarially determined IBNR <br />(incurred but not reported) balance. Use of the reserve shall occur only upon <br />recommendation by City Administration and approval by City Council resolution. <br />Section 10. Investments <br />(Cross references: TMC 3.28, Resolution 1828, <br />a. The City will strive to maximize the return on its investments with the primary <br />objective of preserving capital in accordance with city policy and prudent <br />investment practices. <br />Section 11. Minimum Reporting Requirements <br />a. The Finance Director shall provide a financial status update at least quarterly. <br />b. City Administration shall provide the City Council with financial reports that reflect <br />actual performance in various expenditures and revenues. <br />c. City Administration shall provide the City Council with a quarterly report of all <br />newly -executed contracts, including the amount, responsible department, scope <br />of work, and expiration date. <br />d. Once the annual audit is complete, City Administration shall provide a report to <br />the City Council showing compliance with the Financial Reserve Policy. <br />Financial Policies 11-30-20 Page 5 of 5 <br />13 <br />