RESOLUTION NO. -22
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANT HILL
ADOPTING AN UPDATED GENERAL FUND RESERVE POLICY
WHEREAS, the City Council first established a General Fund reserve in 2002 to ensure that the City had adequate financial resources to maintain basic municipal services in the event of a significant revenue shortfall or unanticipated expenditure; and WHEREAS, since then, the City has periodically reviewed and modified its General Fund reserve, as expressed in the General Fund Reserve Policy, to respond to changing circumstances; and
WHEREAS, City is establishing a Section 115 Trust with an initial contribution of $1 million to assist in prefunding pension liability which can also be used as a contingency reserve; and
WHEREAS, the Budget Committee recommended updating the General Fund Reserve Policy to incorporate the a Reserve for Pension Rate Stabilization, as expressed in the General Fund Reserve Policy attached hereto as Exhibit 1; and
WHEREAS, the Budget Committee, at its meeting of April 6, 2022, approved the update proposed by staff and forwarded it to the City Council with a recommendation to approve.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Pleasant Hill that the General Fund Reserve Policy attached as Exhibit 1 is hereby approved and shall be implemented by City staff.
ADOPTED by the City Council of the City of Pleasant Hill at a regular meeting of the City Council held on the 18th day of April, 2022, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
___________________________________
MICHAEL HARRIS, OD, Mayor
ATTEST:
DANIELLE K. HABR, City Clerk