HomeMy WebLinkAboutResolution 2016-071 N.C.S. 05/16/2016Resolution No. 2016 -071 N.C.S.
of the City of Petaluma, California
AUTHORIZING THE COMMITMENT OF VARIOUS
GENERAL FUND RESERVES FOR SPECIFIC USES
WHEREAS, the City Council has provided direction that 15% of General Fund
expenditures be held in a designated reserve for emergency contingencies; and,
WHEREAS, in addition, one time General Fund monies have been accumulated for
specific uses; and,
WHEREAS, GASB number 54 requires that those revenues be committed by formal
Council action; and,
WHEREAS, the FY 2016 -17 forecasted designated fund balance is $5,708,167; and,
WHEREAS, $1,637,800 of the $5,708,167 was committed during FY 2015 -16; and,
WHEREAS, there is a remaining uncommitted designated fund balance of $4,070,367;
NOW, THEREFORE, BE IT RESOLVED that:
The City Council hereby commits General Fund reserves in the amount of $4,070,367 for
emergencies including natural disasters, catastrophic events and emergency capital projects and
purchases.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the approved a to
Council of the City of Petaluma at a Regular meeting on the 16th day of May, 2016, R form: r
by the following vote:
City Attornby
AYES: Albertson, Barrett, Mayor Glass, Healy, Kearney, Vice Mayor King, Miller
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST:.m,,�
City Clerk �yoi
Resolution No. 2016 -071 N.C.S. Page 1