HomeMy WebLinkAboutResolution 2019-023 N.C.S. 02/04/2019Resolution No. 2019-023 N.C.S.
of the City of Petaluma, California
RESOLUTION RELEASING
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, 2018 a total of $4,426,112 was committed for various uses
including $2,400,000 for employee compensation, $1,354,998 for a General Plan update,
$300,000 for street repairs and maintenance, and $371,114 for the Artificial Turf Replacement
Program, and
and
WHEREAS, as of January 28, 2019 $460,000 is released for employee compensation;
WHEREAS, as of January 28, 2019 no additional funds are committed; and
WHEREAS, as of January 28, 2019 after balances of $460,000 are released, the General
Fund Committed Fund Balance totals $3,966,112; 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 amount of
$460,000 for employee compensation.
Resolution No. 2019-023 N.C.S. Page 1
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 1%oved as to
Council of the City of Petaluma at a Regular meeting on the 4th day of February form:
2019, by the following vote: s"
t�
ity Attorney
AYES:
Mayor Barrett; Fischer; Healy; Kearney; King; Vice Mayor McDonnell; Miller
NOES:
None
ABSENT:
None
ABSTAIN:
ATTEST:
None
Deputy City Clerk Mayor
Resolution No. 2019-023 N.C.S. Page 1