HomeMy WebLinkAboutResolution 2018-163 N.C.S. 11/05/2018Resolution No. 2018-163 N.C.S.
of the City of Petaluma, California
AUTHORIZING THE COMMITMENT OF
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, 2017 a total of $4,230,191 was committed for various uses
including $2,400,000for employee compensation, $1,245,191 for a General Plan update,
$300,000 for street repairs and maintenance and $285,000 for the Artificial Turf Replacement
Program.
WHEREAS, as of June 30, 2018 no funds are released; and,
WHEREAS, as of June 30, 2018 an additional $109,807 is newly committed for a
General Plan update and $86,113 for the Turf Replacement Program; and,
WHEREAS, as of June 30, 2018 General Fund Committed Fund Balance totals
$4,426,112; and,
WHEREAS, GASB number 54 requires that those revenues be committed and released
by formal Council action,
NOW, THEREFORE, BE IT RESOLVED that:
The City Council hereby designates committed General Fund reserves in the amounts
of $109,807 for a General Plan update and $86,113 for the Turf Replacement
Program.
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 to
Council of the City of Petaluma at a Regular meeting on the 51' day of November
2018, by the following vote:
r
Ci orney
AYES: Albertson, Barrett, Vice Mayor Healy, King, Miller
NOES: None
ABSENT: Mayor Glass; Kearney
ABSTAIN: None
ATTEST:
City Clerk Vice Mayor
Resolution No. 2018-163 N.C.S, Page 1