RESOLUTION NO. 2023-254
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING THE USE OF THE FISCAL YEAR 2022-23 GENERAL
FUND SURPLUS FOR APPROPRIATION AND TRANSFER TO THE CITY'S RISK MANAGEMENT FUND IN FISCAL YEAR 2023-24
WHEREAS, City Council's General Fund Surplus Policy (City Council Policy No. 87) allows for General Fund reserve levels in excess of the 40% target requirement to be used for one-time opportunity cost purposes at the discretion of the City Council; and WHEREAS, at the close of fiscal year 2022-23, the city's unaudited General Fund reserve balance is 65% and has exceeded its General Fund Reserve Policy (City Council Policy No. 74) target of 40%; and WHEREAS, at the close of fiscal year 2022-23, the remaining unaudited unspent and unencumbered expenditure budget for the General Fund is $10.8 million of which approximately $200,000 has been carried forward because of a previous City Council resolution, resulting in an available surplus of $10.6 million; and
WHEREAS, at the close of fiscal year 2022-23, the General Fund surplus, or actual revenues less actual expenditures, is $20.7 million; and
WHEREAS, City Council Policy No. 87 requires City Council approval for the carryforward of any unspent and unencumbered budget for a particular item equal to or greater than $100,000; and WHEREAS, the balance of the city's Risk Management Fund at June 30, 2023, is in a temporary deficit position due to unanticipated costs and costs trending above budget for Fiscal Year 2022-2023.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, California, as follows:
1.That the above recitations are true and correct.
2.That a transfer to the city's Risk Management Fund in the amount of $5 million, is approved.
PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council of the City of Carlsbad on the 26th day of Sept., 2023, by the following vote, to wit:
AYES:
NAYS:
ABSTAIN:
ABSENT:
Blackburn, Bhat-Patel, Acosta, Burkholder, Luna.
None.
None.
None.
KEITH BLACKBURN, Mayor r SHERRY FREISINGER, City Clerk
(SEAL)
WL