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RESOLUTION NO. 2025-R ___
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CULVER CITY AUTHORIZING A DECREASE TO THE
CONTINGENCY RESERVE BELOW ESTABLISHED TARGET
FOR FISCAL YEAR 2025-2026.
WHEREAS, Section VIII of City Council Policy 5002 , Financial Policies, sets forth a Financial Reserves Policy; and
WHEREAS, the Financial Reserves Policy establishes a Contingency Reserve with a “target balance” of 30% of the General Fund Operating Budget , which was adopted by resolution of the City Council; and
WHEREAS, the Contingency Reserve funds are reserved for emergency situations;
WHEREAS, the Financial Reserves Policy provides that r eserve funds , including the Contingency Reserve, will not be spent for any function other than the specific purpose of the Reserve account from which they are drawn without specific direction in the annual budget or by a separate City Council action; and WHEREAS, under the Financial Reserves Policy, t hat portion of a fund balance that includes amounts that can only be used for specific purposes remain binding unless removed in the same manner they were established.
NOW, THEREFORE, the City Council of the City of Culver City, California, DOES HEREBY RESOLVE, as follows:
1. The City Council hereby authorizes a decrease of the Contingency Reserve to the amount of 21.6% General Fund Operating Budget for Fiscal Year 2025- 2026.
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2. The City Manager is directed to return to City Council within six months of the adoption of this Resolution to present a plan to replenish the reserves within five years.
APPROVED AND ADOPTED on the _____day of __________, 2025.
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DAN O’BRIEN, Mayor
City of Culver City, California
ATTEST: APPROVED AS TO FORM:
_______________________________ ____________________________ JEREMY BOCCHINO, City Clerk HEATHER BAKER, City Attorney