HomeMy WebLinkAboutResolution 2019-179 N.C.S. 11/18/2019Resolution No. 2019-179 N.C.S.
of the City of Petaluma, California
AUTHORIZING THE COMMITMENT AND USES 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, 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,
WHEREAS, as of June 30, 2019 no funds are released; and,
WHEREAS, as of June 30, 2019 an additional $500,000 is newly committed for
Employee Compensation; $205,841 for a General Plan update and $162,508 for the Artificial
Turf Replacement Program; and,
WHEREAS, as of June 30, 2019 General Fund Committed Fund Balance totals
$5,294,461; 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 $500,000 for Employee Compensation, $205,841 for a General Plan update and
$162,508 for the Artificial 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 / ``Approvd a to
Council of the City of Petaluma at a Regular meeting on the 181h day of November f:
2019, by the following vote: gV�
AYES: Fischer; Healy; Kearney; King; Vice Mayor McDonnell; Miller
NOES: None
ABSENT: Mayor Barrett
ABSTAIN: None
ATTEST:
Deputy City Clerk
City Attorney
Resolution No. 2019-179 N.C.S. Page 1