RESOLUTION NO. 2024-60
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POMONA, CALIFORNIA, APPROVING THE FISCAL POLICY STATED USES OF THE FICAL YEAR 2022-23 UNASSIGNED FUND BALANCE AND AMENDING FISCAL YEAR 2023-24 GENERAL FUND OPERATING BUDGET BY APPROPRIATING A TOTAL AMOUNT OF $4,376,500 TOWARDS SECTION 115 TRUST CONTRIBUTION, EQUIPMENT REPLACEMENT RESERVE AND CIP FUNDING WHEREAS, establishing fiscal policy is a prudent method to ensure that the City maintains a healthy financial structure; WHEREAS, on February 6, 2023, the City of Pomona City Council adopted via Resolution 2023-06, City of Pomona’s Updated Consolidated Fiscal Policies and Administrative procedures; WHEREAS, the City Council adopted the FY 2023-24 Operating Budget on June 5, 2023 which includes appropriations to implement City of Pomona’s Fiscal Policies for establishing Section 115 Trust, setting aside funds for CIP funding and creating Reserves for Equipment Replacement and Catastrophic Events.
WHEREAS, on November 6, 2023 the FY 2023-24 1st Quarter General Fund Budget Review was presented to the City Council and General Fund appropriations were approved via City Council action.
WHEREAS, on March 18, 2024 the FY 2023-24 Mid-Year Budget Review was presented to the City Council and General Fund appropriations were approved via City Council action.
WHEREAS, on March 26, 2024 the City Council Labor Subcommittee was presented options and a recommendation from the committee reflects this proposed action.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Pomona, California, as follows:
SECTION 1. That the City Council approves use of $4,376,500 of Fiscal Year 2022-2023 General Fund Unassigned Fund Balance (33% of the $13.3M) towards the following: $2,188,250 for Section 115 Trust, $1,094,125 for Equipment Maintenace Reserve, and $$1,094,125 for CIP Funding; SECTION 2. That the City Council amends the Fiscal Year 2023-2024 City Operating General Fund Budget to appropriate the following:
Use of Unassigned FB
Account Number
Amount
Section 115 Trust
101-0101-59930-00000
$2,188,250
Equipment Replacement
101-0101-89921-00000
$1,094,125
CIP Funding
101-0101-89987-00000
$1,094,125
Total
$4,376,500
SECTION 3. The City Clerk shall certify the passage and adoption of this resolution, and it shall thereupon be in full force and effect.
APPROVED AND ADOPTED THIS 15th DAY OF APRIL, 2024
ATTEST: CITY OF POMONA:
Rosalia A. Butler, City Clerk Tim Sandoval, Mayor
APPROVED AS TO FORM:
Sonia Carvalho, City Attorney
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF POMONA
I, ROSALIA A. BUTLER, CITY CLERK of the City of Pomona do hereby certify that the foregoing Resolution was adopted at a regular meeting of the City Council of the City of Pomona held on the 15th day of April, 2024 by the following vote:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
ABSTAIN: COUNCILMEMBERS:
______________________________
Rosalia A. Butler, City Clerk
Resolution No. 2024-60
April 15, 2024
Attachment No.1