RESOLUTION NO. 23-__
Resolution Of The City Council Of The City Of Emeryville Amending The City’s Reserve Policies
WHEREAS, the existing reserve policy, which was approved by the City Council in conjunction with the development of the Fiscal Year 2016-17 Budget, addresses only the Economic Uncertainty Reserve and the Undesignated General Fund Reserve; and WHEREAS, the existing reserve policy has not been reviewed or updated since 2016; and
WHEREAS, the title of the existing policy document should be revised from “Reserve Policies” to “Expenditure and Reserve Policies”; and
WHEREAS, the Mid-Year budget adjustment will include a request to transfer $969,115 from the Unassigned fund balance to the Economic Uncertainty reserve to reach the 50 percent target level; and
WHEREAS, the purpose and balance of the Disaster Reserve be formalized and incorporated into the Expenditure and Reserve Policies; and WHEREAS, Emeryville voters approved Measure F on March 3, 2020, and it is recommended that a policy prioritizing the eligible uses of Measure F funds and establishing a target reserve balance of $4 million be incorporated into the Expenditure and Reserve Policies; and
WHEREAS, Emeryville voters approved Measure O on November 8, 2022, and it is recommended that an expenditure policy identifying prioritized uses for Measure O funds and establishing a target balance of $1 million be incorporated into the Expenditure and Reserve Policies; and
WHEREAS, the proposed Expenditure and Reserve Policies were reviewed by the Budget and Governance Committee on February 7, 2023; now, therefore, be it RESOLVED, that the City Council of the City of Emeryville hereby adopts the Amended Reserve Policies.
DocuSign Envelope ID: 8CD14B41-0CA5-4774-948C-0286D97C4E8F Resolution No. _____
Adoption of Financial Reserve Policy Amendments
City Council Meeting | February 21, 2023
ADOPTED, by the City Council of the City of Emeryville at a regular meeting held Tuesday, February 21, 2023, by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
MAYOR
ATTEST: APPROVED AS TO FORM:
CITY CLERK CITY ATTORNEY
DocuSign Envelope ID: 8CD14B41-0CA5-4774-948C-0286D97C4E8F