HomeMy WebLinkAboutCC RESO 2022-109RESOLUTION NO. 2022 —109
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY,
CALIFORNIA, AUTHORIZING 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
WHEREAS, City Council Policy #201, Maintenance of Reserve Funds, prescribes
the reserves to be held by the City and the target level for each one; and
WHEREAS, the City Manager has recommended adjustments to certain of the
reserves; and
WHEREAS, the Unassigned Fund Balance Reserve target is set at a minimum of
ten percent (10%) of General Fund operating expenditures; and
WHEREAS, the Economic Contingency Reserve target is set at a minimum of
twenty percent (20%) of General Fund operating expenditures; and
WHEREAS, the target level for the Facilities Maintenance Reserve is a minimum
of three times the annual base need for performing major maintenance on the City's
facilities, defined as one and one-half percent (1.5%) of General Fund annual operating
expenditures; and
WHEREAS, the adopted budget for General Fund operating expenditures for
Fiscal Year 2022-23 is rounded to $64.0 million; and
WHEREAS, the City Council desires to fund the Economic Contingency Reserve
and the Facilities Maintenance Reserve at their target levels; and
WHEREAS, the Unassigned Fund Balance Reserve has a sufficient balance to
enable the Economic Contingency Reserve and the Facilities Maintenance Reserve to be
funded at their target levels.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF NATIONAL CITY,
CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE, AND ORDER AS
FOLLOWS:
Section 1: Authorizes transferring $600,000 from the general fund unassigned
fund balance to the general fund committed fund balance's economic contingency reserve
and $135,000 to the general fund committed fund balance's facilities maintenance
reserve.
Section 2: The transfers authorized in Section 1 shall be reflected in the City's
Annual Comprehensive Financial Report for fiscal year 2021-22.
Resolution No. 2022 109
Page Two
Section 3: 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 2ist day of June 2022
Alejan. r t -Sohh' Mayor
ATTEST:
Luz Molina, ierk
APPROVED AS TO FORM:
Charles E. Bell ,Jr., City` orney
Passed and adopted by the Council of the City of National City, California, on June 21,
2022, by the following vote, to -wit:
Ayes: Sotelo-Solis, Bush, Morrison, Rios, Rodriguez
Nays: None.
Absent: None,
Abstain: None.
AUTHENTICATED BY: ALEJANDRA SOTELO-SOLIS
Mayor of the City of National City, California
BY:
LUZ OLINA
City Clerk of the City of National City, California
Shelley Chape
Deputy City ((clerk