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3 RESOLUTION NO. 24-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MENIFEE,
CALIFORNIA, DESIGNATING A COMMITTED RESERVE FUND BALANCE
FOR PUBLIC FACILITIES
WHEREAS, pursuant to the City adopted Fund Balance Policy for the General Fund (CC-07) as most recently adopted on September 21, 2021, City Council, as the highest level of decision-making authority, may commit fund balance for specific purposes pursuant to constrains imposed by formal actions taken, such as an ordinance or resolution, and
WHEREAS, the City has various public facilities capital projects requiring significant financial resources which will require a multi-year funding strategy to fund, and WHEREAS, the City of Menifee’s adopted Fund Policy allows for the use of surplus fund balance to be used towards capital projects and equipment; and
WHEREAS, to support the necessary funding for the various public facilities projects, the City would like to a designate a Committed Fund Balance for Public Facilities towards such use with the purpose of allowing for periodic contributions, at the Council’s direction, as reserves for these various capital projects.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Menifee, California, as follows:
SECTION 1. Designation of a committed reserved fund balance identified as a Public Facilities Committed Fund Balance account.
SECTION 2. An initial contribution of $2,000,000 be transferred to the Public Facilities Committed Fund Balance account from the Assigned Public Facilities Account.
SECTION 3: The City Clerk shall certify to the passage and adoption of this Resolution and enter it into the book of original resolutions.
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3 PASSED, APPROVED AND ADOPTED this 5th day of JUNE 2024.
Bill Zimmerman, Mayor
Attest:
Stephanie Roseen, Acting City Clerk
Approved as to form:
Jeffrey T. Melching, City Attorney