24-1440RESOLUTION NO. 24-1440
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MENIFEE,
CALIFORNIA, DESIGNATING A COMMITTED RESERVE FUND BALANCE
FOR PUBLIC FACILITIES
WHEREAS, pursuant to the City adopted Fund Balance Policy for the General Fund (CC-07) as most
recently adopted on September 21, 2021, City Council, as the highest level of decision -making authority,
may commit fund balance for specific purposes pursuant to constrains imposed by formal actions taken,
such as an ordinance or resolution, and
WHEREAS, the City has various public facilities capital projects requiring significant financial
resources which will require a multi -year funding strategy to fund, and
WHEREAS, the City of Menifee's adopted Fund Policy allows for the use of surplus fund balance to
be used towards capital projects and equipment; and
WHEREAS, to support the necessary funding for the various public facilities projects, the City would
like to a designate a Committed Fund Balance for Public Facilities towards such use with the purpose of
allowing for periodic contributions, at the Council's direction, as reserves for these various capital projects.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Menifee,
California, as follows:
SECTION 1. Designation of a committed reserved fund balance identified as a Public Facilities
Committed Fund Balance account.
SECTION 2. An initial contribution of $2,000,000 be transferred to the Public Facilities Committed
Fund Balance account from the Assigned Public Facilities Account.
SECTION 3: The City Clerk shall certify to the passage and adoption of this Resolution and enter
it into the book of original resolutions.
PASSED, APPROVED AND ADOPTED this 5ch day of JUNE 2024.
�y
Bill Zimrhermvan, Mayor
Atte
Ste e Roseen, Acting City Clerk
Approved as to form:
r
Je rey T. Melching, Ci At rney
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF MENIFEE )
I, Stephanie Roseen, Acting City Clerk of the City of Menifee, do hereby certify that the
foregoing City Council Resolution No. 24-1440 was duly adopted by the City Council of the City
of Menifee at a meeting thereof held on the 5th Day of June 2024 by the following vote:
Ayes:
Estrada, Karwin, Sobek, Zimmerman
Noes:
None
Absent:
Deines
Abstain:
None
t
�— t anie Roseen, Acting City Clerk