RESOLUTION R2023-XX
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MANTECA, STATE OF CALIFORNIA, AMENDING the PUBLIC SAFETY SALES TAX (MEASURE M) RESERVE POLICY FROM 50% OF OPERATING EXPENDITURES TO 25% OF OPERATING EXPENDITURES WHEREAS, one of the key components of a financially stable organization is the adherence to a policy of maintaining an appropriate level of reverse in each fund; and WHEREAS, having a prudent reserve policy enables the City Council to make changes in the organization to adjust to unexpected budgetary and financial impacts; and WHEREAS, maintaining minimum fund balance reserves also allows the City to continue operations and critical projects while responding to short-term financial challenges and can provide opportunities to address longer -term structural issues, while comprehensive response plans are being developed; and WHEREAS, the City’s current reserve policy adopted by resolution R2020-111 on the 16th day of June, 2020, calls for a minimum reserve balance for the Public Safety Sales Tax (Measure M) Fund of 50% of operating expenditures and staff is recommending amendments to the policy to decrease that amount to 25% of operating expenditures; and WHEREAS, the City Council has considered all information related to this matter, as presented at the public meetings of the City Council identified herein, including any supporting reports by City Staff, and any information provided during public meetings.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Manteca, as follows:
The City Council hereby finds that the facts set forth in the recitals to this Resolution are true and correct, and establish the factual basis for the City Council’s adoption of this Resolution.
The City Council hereby amends the reserve for the Public Safety Sales Tax (Measure M) Fund as outlined in Exhibit “A” – Revised Public Safety Sales Tax (Measure M) Reserve Policy.
This Resolution shall take effect on the effective date immediately.
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City Council of the City of Manteca at a public meeting of said City Council held on the 7th day of March, 2023, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
MAYOR: __________________________
GARY SINGH
Mayor
ATTEST: __________________________
CASSANDRA CANDINI-TILTON
City Clerk
R20XX-XX Page 2 of 2 March 7, 2023
R20XX-XX Page 1 of 2 Type approved date of resolution here ATTACHMENT 1