HomeMy WebLinkAboutResolution 2020-017 N.C.S. 02/03/2020Resolution No. 2020-017 N.C.S.
of the City of Petaluma, California
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, 2019 a total of $4,434,461 was committed for various uses
including $2,040,000 for employee compensation, $1,560,839 for a General Plan update,
$300,000 for street repairs and maintenance, and $533,622 for the Artificial Turf Replacement
Program, and
WHEREAS, as of February 3, 2020 $800,000 is released; $500,000 for employee
compensation and $300,000 for FEMA Disaster Close out for the 2005/2006 Disaster.
WHEREAS, as of February 3, 2020 no additional funds are committed; and
WHEREAS, as of February 3, 2020 after balances of $800,000 are released, the General
Fund Committed Fund Balance totals $3,634,461; 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 releases committed General Fund reserves in the amount of
$500,000 for employee compensation and $300,000 for the 2005/2006 FEMA
Disaster closeout.
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
i�ep rovedas to
Council of the City of Petaluma at a Regular meeting on the 3rd day of February
for E
2020, by the following vote:
AYES:
Mayor Barrett; Vice Mayor Fischer; Healy; Kearney; King; McDonnell; Miller
City Artor'"
NOES:
None
ABSENT:
None
ABSTAIN:
None
ATTEST:
City Clerk Mayor
Resolution No. 2020-017 N.C.S. Page 1