RESOLUTION NO. R-2022-11
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PLACENTIA, CALIFORNIA, TO UNCOMMIT $3,400,000 OF
FUND BALANCE DESIGNATION
A. Recitals.
(i). The Governmental Accounting Standards Board (GASB) adopted Statement #54 (GASB 54), a standard for governmental fund balance reporting and governmental fund type definitions, and
(ii). The City of Placentia desires to remove a previously Committed Fund balance for the construction of Metrolink Station Parking Structure of $3,400,000. This was a self-imposed limitation on the use of those funds that can only be removed or changed by subsequent resolution.
B. Resolution.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PLACENTIA DOES HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS:
1. In all respects as set forth in the Recitals, Part A., of this Resolution.
2. Per the City Council of the City of Placentia, in accordance with GASB Statement #54, the Committed Fund Balance for the Metrolink Station in the amount of $3,400,000 is hereby uncommitted from the General Fund.
3. The Mayor shall sign this resolution, and the City Clerk shall attest and certify to the passage and adoption thereof.
PASSED, ADOPTED AND APPROVED THIS 1St DAY OF MARCH 2022.
Rhonda Shader, Mayor
ATTEST -
Robert S. McKinnell, City Clerk
Resolution R-2022-11 ATTACHMENT3
STATE OF CALIFORNIA
COUNTY OF ORANGE
I, Robert S. McKinnell, City Clerk of the City of Placentia, do hereby certify that the foregoing resolution was adopted at a regular meeting of the City Council of the City of Placentia held on the 1 st day of March 2022 by the following vote:
Robert S. McKinnell, City Clerk
APPROVED AS TO FORM:
Christian Bettenhausen, City Attorney
Resolution R-2022-11 ATTACHMENT3