Loading...
12-275 RESOLUTION NO. 12-275 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MENIFEE, CALIFORNIA, MODIFYING 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 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 City Council set the General Fund Emergency Contingency Commitment of General Fund Balance at $6,067,533 for Fiscal Year 2011-12 on June 21, 2011; and Whereas, the Administrative Policy entitled "Fund Balance Policy for the General Fund" stated 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 was adopted by Council on June 21, 2011; and Whereas, the Finance Director is recommending to the City Council that the General Fund Emergency Contingency Commitment of General Fund Balance be set at $6,296,700, which is twenty-eight (28) percent of operating expenditures for Fiscal Year 2012-13; and Whereas, the City Council has determined that the General Fund Emergency Contingency Commitment of General Fund balance should be established and approved at$6,296,700 for Fiscal Year 2012-13 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$6,296,700 for Fiscal Year 2012- 13. 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-eight(28) percent of General Fund operating expenditures in any fiscal year. Resolution No. 12-275 Fund Balance Policy Modification PASSED, APPROVED AND ADOPTED this 19th day of June, 2012. John . Denver, Mayor Attest: Kathy Bennett, City Clerk Approv as to form: Jose etc er, ty Attorney f 2 As 1% I John V.Denver STATE OF CALIFORNIA ) Mayor COUNTY OF RIVERSIDE ) ss Thomas Fuhrman CITY OF MENIFEE ) Mayor Pro Tem 1, Kathy Bennett, City Clerk of the City of Menifee, do hereby certify that the Wallace W.Edgerton foregoing Resolution No. 12-275 was duly adopted by the City Council of the City Counciimember of Menifee at a meeting thereof held on the 19th day of June, 2012 by the Darcy Kuenzi following vote: Councilmember Ayes: Denver, Edgerton, Fuhrman, Kristjansson, Kuenzi Sue Kristjansson Noes: None Councilmember Absent: None Abstain: None Kathy Bennett, City Clerk 29714 Haun Road Menifee,CA 92586 Phone 951.672.6777 Fax 951.679.3843 www.c1tyofrnenifee.us