GARDEN GROVE CITY COUNCIL
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GARDEN GROVE AMENDING THE CITY’S STABILITY RESERVES FOR FISCAL YEAR 2023-24 WHEREAS, the City Council adopted Resolution No. 9602-19 on December 17, 2019; and
WHEREAS, the Resolution No. 9602-19 established the City of Garden Grove General Fund Reserve Policy; and
WHEREAS, the City of Garden Grove General Fund Reserve Policy committed certain fund balance from the City’ s General Fund as Stability Reserve, and se t a minimum target reserve level at 16.7% of the adopted General Fund operating revenues; and
WHEREAS, the current Stability Reserve balance is $25,7 00,000, below the minimum target reserve level.
NOW, THEREFORE, BE IT RESOLVED that the City Manager is hereby authorized to increase the Gene ral Fund Stability Reserve by $2,200,000, to the amount of $27,800,000, equivalent to 16.7% of the amended General Fund’s operating revenues for Fiscal Year 2023-24.
ADOPTED this 11th day of June 2024.
ATTEST: /s/
MAYOR
/s/ _______________________
CITY CLERK
STATE OF CALIFORNIA)
COUNTY OF ORANGE ) SS:
CITY OF GARDEN GROVE)
I, TERESA POMEROY, City Clerk of the City of Garden Grove, do hereby certify that the foregoing Resolution was duly adopted by the City Council of the City of Garden Grove, California, at a meeting held on June 11, 2024, by the following vote:
/s/ ____________
CITY CLERK