11-226 RESOLUTION NO. 11-226
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MENIFEE, CALIFORNIA,
APPROVING THE CITY OF MENIFEE GENERAL FUND EMERGENCY CONTINGENCY
COMMITMENT OF FUND BALANCE FOR THE GENERAL FUND
Whereas,the Governmental Accounting Standards Board(GASB)has issued its Statement
No. 54, Fund Balance Reporting and Governmental Fund Type Definitions with the intent of
improving financial reporting by providing fund balance categories that will be more easily
understood and;
Whereas, the City Council has considered Administrative Policy entitled "Fund Balance
Policy for the General Fund" which outlines the policy and procedures enacted to accurately
categorize and report fund balance in the General Fund and;
Whereas, the Administrative Policy entitled "Fund Balance Policy for the General Fund"
provides that the City Council may commit General Fund balance for specific purposes by taking
formal action and these committed amounts cannot be used for any other purpose unless the City
Council removes or changes the specific use through the same formal action taken to establish the
commitment; and
Whereas, the Finance Director has recommended to the City Council that the General Fund
Emergency Contingency Commitment of General Fund Balance be set at $6,067,533 for Fiscal
Year 2011-12; and
Whereas, the Administrative Policy entitled "Fund Balance Policy for the General Fund"
states the intent of the City Council to maintain this amount at twenty-five (25) percent of General
Fund operating expenditures in any subsequent fiscal year; and
Whereas, the City Council has determined that the General Fund Emergency Contingency
Commitment of General Fund balance should be established and approved at$6,067,533 for Fiscal
Year 2011-12 as recommended by the Finance Director.
NOW, THEREFORE, the City Council of the City of Menifee, California, does hereby
RESOLVE, DETERMINE and ORDER as follows:
SECTION 1: The City Council hereby establishes and approves the General Fund
Emergency Contingency Commitment of General Fund balance of$6,067,533 for Fiscal Year 2011-
12.
SECTION 2: The City Council has determined that the specific purposes for which the
General Fund Emergency Contingency Commitment may be used are the declaration of a state or
federal state of emergency or a local emergency as defined by the Menifee Municipal Code Section
1.10.010 and these uses may only be changed by approval of a subsequent resolution.
SECTION 3: The City Council hereby confirms that the General Fund Emergency
Commitment of General Fund balance shall be maintained at an amount equal to twenty-five (25)
percent of General Fund operating expenditures in any fiscal year.
Resolution No. 11-226
Fund Balance Policy
PASSED, APPROVED AND ADOPTED this 21st day of June, 2011.
4.
0j,r/�4 S 0 ,
Wallace W. Edgerton, MaY6 r
Attest:
Kathy Bennett, City Clerk
Approved as to form:
Karen Feld, City Attorney
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EMIFEE'
Wallace W.Edgerton STATE OF CALIFORNIA )
Mayor COUNTY OF RIVERSIDE )ss
Fred Twyman CITY OF MENIFEE )
Vice Mayor
I, Kathy Bennett, City Clerk of the City of Menifee, do hereby certify that the
John V.Denver foregoing Resolution No. 11-226 was duly adopted by the City Council of the City
Councilmember of Menifee at a meeting thereof held on the 21 st day of June, 2011 by the
Darcy Kuenzi following vote:
Councilmember
Ayes: Denver, Edgerton, Fuhrman, Kuenzi
Thomas Fuhrman Noes: None
Councilmember Absent: None
Abstain: None
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Kathy Bennett, City Clerk
29714 Haun Road
Menifee,CA 92586
Phone 951.672.6777
Fax 951.679.3843
www.cityofrnenifee.us