HomeMy WebLinkAboutCC RESO 2021-92RESOLUTION NO. 2021 — 92
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY,
CALIFORNIA, AUTHORIZING (1) TRANSFERRING FUNDS FROM THE GENERAL
FUND UNASSIGNED FUND BALANCE RESERVE TO THE GENERAL FUND
COMMITTED FUND BALANCE'S ECONOMIC CONTINGENCY RESERVE AND
FACILITIES MAINTENANCE RESERVE AND (2) ELIMINATING THE DEBT SERVICE
RESERVE AND TRANSFER OF ITS BALANCE TO THE UNASSIGNED FUND
BALANCE RESERVE
WHEREAS, at the May 4, 2021, City of National City ("City") City Council meeting,
the City Council authorized amendments to City Council Policy #201, Maintenance of
Reserve Funds; and
WHEREAS, the amendments included new reserve fund target levels, creation of
a new reserve fund and elimination of the Debt Service Reserve fund; and
WHEREAS, the new reserve fund is titled Unassigned Fund Balance Reserve, and
WHEREAS, the amended reserve fund target level for the Unassigned Fund
Balance Reserve is set at a minimum of ten percent (10%) of General Fund operating
expenditures; and
WHEREAS, the amended reserve fund target level for the Economic Contingency
Reserve fund is a minimum of twenty percent (20%) of General Fund operating
expenditures; and
WHEREAS, the amended reserve fund target level for the Facilities Maintenance
Reserve fund is a minimum of three times the annual base need for performing major
maintenance on the City's facilities, defined as one and five -tenths percent (1.5%) of
General Fund operating expenditures.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF NATIONAL CITY,
CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE, AND ORDER AS
FOLLOWS:
Section 1: Authorizes (1) transferring funds from the general fund unassigned
fund balance reserve to the general fund committed fund balance's economic contingency
reserve and facilities maintenance reserve and (2) eliminating the debt service reserve
and transfer of its balance to the unassigned fund balance reserve.
Resolution No. 2021 — 92
Page Two
Section 2: That the City Clerk shall certify to the passage and adoption of this
Resolution and enter it into the book of original Resolutions.
PASSED and ADOPTED this 15th day of June, 2021.
Alejandr. Sote o-Solis, Mayor
ATTEST:
Luz Molina, Citlerk
APPROVED AS TO FORM:
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Charles E. Bell Jr., City orney
Passed and adopted by the Council of the City of National City, California, on June 15,
2021, by the following vote, to -wit:
Ayes: Sotelo-Solis, Rodriguez, Bush, Morrison, Rios.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: ALEJANDRA SOTELO-SOLIS
Mayor of the City of National City, California
LUZ MOLINA
City Clerk of the City of National City, California
1 c
BY: 1(1C t
Shelley Chapel, MMC, D pufy City Clerk
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2021-92 of the City of National City, California, passed and adopted
by the City Council of said City on June 15, 2021.
Luz Molina, City tie k J