HomeMy WebLinkAboutResolution 2017-168 N.C.S. 11/06/2017Resolution No. 2017 -168 N.C.S.
of the City of Petaluma, California
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, 2016 a total of $3,277,768 was committed for various uses
including $1,900,000 for employee compensation, $913,768 for a General Plan update, $300,000
for street repairs and maintenance and $164,000 for the Payran Underground Storage Tank Site
Remediation Project.
WHEREAS, as of June 30, 2017 $300,000 is released for employee compensation and
$164,000 is released for the Payran Underground Storage Tank Site; and,
WHEREAS, as of June 30, 2017 an additional $800,000 is newly committed for
employee compensation, $331,423 for a General Plan update and $285,000 for the Turf
Replacement Program; and,
WHEREAS, as of June 30, 2017 General Fund Committed Fund Balance totals
$4,230,191; 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 designates committed General Fund reserves in the amounts
of $800,000 for employee compensation, $331,423 for a General Plan update and
$285,000 for the Turf Replacement Program.
Resolution No. 2017 -168 N.C.S. Page I
2. The City Council hereby releases committed General Fund reserves in the amounts of
$300,000 for employee compensation and $164,000 for the Payran Underground
Storage Tank Remediation Project.
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 as /0
Council of the City of Petaluma at a Regular meeting on the 6`h day of November, form-,
2017, by the following vote:
City Attorney f`F
AYES: Albertson, Vice Mayor Barrett, Mayor Glass, Healy, Kearney, King, Miller
NOES: None
Resolution No. 2017 -168 N.C.S. Page 2