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City of Elk River <br />Economic Development Authority <br />Financial Management Policies <br />Policy: EDA Fund -fund balance designation policy <br />Approval Date: <br />Amended Date: <br />Designation for EDA fund: <br />The amount of fund balance unreserved for cash flow shall be calculated as follows: <br />The EDA fund shall maintain an unreserved fund balance of not less than 40 percent of the next <br />year's budgeted operating expenditures. This calculation is made at the end of each fiscal year. If <br />the year-end fund balance exceeds this threshold, the Economic Development Authority will <br />consider the need to retain the excess and increase the minimum fund balance before allocating <br />the monies to other uses. <br />All funds not designated for cash flow will be designated for EDA development projects. <br />C:\Documents and Settings\jjohnson\Local Settings\Temporary Internet Files\OLK49\EDAFund <br />balance policy.doc <br />