RESOLUTION NO. _____________
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE ESTERO MUNICIPAL
IMPROVEMENT DISTRICT ADOPTING A GENERAL FUND RESERVE POLICY THAT ESTABLISHES A MINIMUM RESERVE THRESHOLD OF 50% OF BUDGETED
ANNUAL OPERATING EXPENDITURES
FOSTER CITY
WHEREAS, the Board of Directors current General Fund reserve policy is a minimum threshold of 33-1/3% of budgeted annual operating expenditures and a target reserve range of 33-1/3% to 50% for purposes of its Five-Year Financial Plan; and WHEREAS, the Board of Directors desires to change its current General Fund reserve policy to reflect a minimum threshold of 50% of budgeted annual operating expenditures.
NOW, THEREFORE, BE IT RESOLVED by Board of Directors of the Estero Municipal Improvement District that the General Fund reserve policy is revised to establish a minimum reserve threshold of 50% of budgeted annual operating expenditures, and that the Finance Director is hereby directed to record the minimum reserve threshold in the EMID’s financial records based upon the annual budgeted expenditures in the most recently adopted annual budget for the General Fund.
PASSED AND ADOPTED as a resolution of the Board of Directors of the Estero Municipal Improvement District at the Regular Meeting held on the 6th day of May, 2024, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
PATRICK SULLIVAN, PRESIDENT
ATTEST:
PRISCILLA SCHAUS, DISTRICT SECRETARY