HomeMy WebLinkAboutResolution 2016-181 N.C.S. 11/21/2016Resolution No. 2016 -181 N.C.S.
of the City of Petaluma, California
RESOLUTION AUTHORIZING THE COMMITMENT AND RELEASE 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, as of June 30, 2015 a total of $2,037,806 was committed for various uses
including $900,000 for employee compensation, $667,806 for a General Plan update, $300,000
for street repairs and maintenance, and $170,000 for sidewalk repairs and maintenance; and,
WHEREAS, as of June 30, 2016 $200,000 is released for employee compensation and
$170,000 is released for sidewalk repairs and maintenance; and,
WHEREAS, as of June 30, 2016 an additional $1,200,000 is committed for employee
compensation, $164,000 for the Payran Underground Storage Tank Site Remediation project and
$245,962 for a General Plan update; and,
WHEREAS, GASB number 54 requires that those revenues be committed and released
by formal Council action,
NOW, THEREFORE, BE IT RESOLVED that:
1. The City Council hereby releases committed General Fund reserves in the
amounts of $200,000 for employee compensation and $170,000 for sidewalk
repairs and maintenance; and,
2. The City Council hereby designates committed General Fund reserves in the
amounts of $1,200,000 for employee compensation, $164,000 for the Payran
Underground Storage Tank Site Remediation project and 245,962 for a general
plan update.
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 , Apprbved as to
Council of the City of Petaluma at a Regular meeting on the 21St day of November, f form:
2016, by the following vote:
City
AYES: Albertson, Barrett, Healy, Kearney, Vice Mayor King, Miller !`
NOES: None
ABSENT: Mayor Glass
ABSTAIN: None
ATTEST:
City Clerk Vice Mayor
Resolution No. 2016 -181 N.C.S. Page 1