Reso No.____
RESOLUTION NO. ____
A RESOLUTION OF THE COUNCIL OF THE CITY OF RICHMOND, CALIFORNIA
ADOPTING UPDATES TO THE CITY OF RICHMOND'S FINANCIAL POLICIES AND
ADOPTING THE UNCLAIMED FUNDS POLICY
WHEREAS, the City of Richmond (the "City") is a charter city that operates under the Council-Manager form of government for the purposes of providing a full range of municipal services including police and fire protection; construction and maintenance of highways, streets and infrastructure; library services; storm water and municipal sewer systems; a wastewater treatment facility; and the administration of recreational activities and cultural events; and
WHEREAS, the City also operates the Richmond Memorial Convention Center and the Port of Richmond; and
WHEREAS, the City of Richmond (the "City") is required to maintain and periodically update the City's Financial Policies consistent with the standards set forth by the California Government Code, Government Finance Officers Association (the “GFOA”) recommended best practices, and standards set forth by the California Municipal Treasurers Association (the "CMTA") Certification Program; and
WHEREAS, the City established a OPEB Funding policy that establishes guidelines for plan funding through actuarial valuations, regular contribution rates, contribution timing and actuarial assumptions and is consistent with “best practices” and the Board’s fiduciary oversight of the OPEB Trust; and
WHEREAS, the City established a Pension Funding Policy that establishes guidelines for plan funding through actuarial valuations, regular contribution rates, contribution timing and actuarial assumptions and is consistent with “best practices” and the Board’s fiduciary oversight of the Pension Trust; and
WHEREAS, the City established a Cash Reserve Policy that sets cash reserves to twenty-one percent (21%) of total General Fund expenditures budget of the next Fiscal Year, and is consistent with “best practices” and the City Council’s fiduciary oversight of fiscal policies; and
WHEREAS, the City established a Debt Policy that requires annual commitments relating to the General Fund debt cannot exceed ten percent (10%) of current General Fund revenues and this document is consistent with "best practices" and the City's fiduciary oversight of fiscal policies; and
WHEREAS, the City established a Grant Management Policy that outlines guidelines for grant application, execution and closeout and this document is consistent with "best practices" and the City's fiduciary oversight of fiscal policies; and
Reso No.____
WHEREAS, the City is establishing an Unclaimed Funds Policy to account for unclaimed funds in a manner which follows Government Code Sections 50050 through 50057; and
WHEREAS, funds that remain unclaimed for at least three (3) years will become the property of the City of Richmond after the procedures identified within the policy have been followed and is consistent with "best practices" and the City's fiduciary oversight of fiscal policies; and
NOW, THEREFORE , BE IT RESOLVED, that the City Council of the City of Richmond, California, hereby adopts updates to the City's existing OPEB Funding, Pension Funding, Cash Reserve, Debt, and Grants Management policies.
BE IT FURTHER RESOLVED, that the City Council of the City of Richmond, California, hereby adopts the City’s new Unclaimed Funds policy.
BE IT FURTHER RESOLVED, that a copy of the updated and new City of Richmond policies are attached hereto as Exhibit A.
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Reso No.____
I certify that the foregoing resolution was passed and adopted by the Council of the City of Richmond at a regular meeting thereof held _______________, by the following vote:
AYES:
NOES:
ABSTENTIONS:
ABSENT:
CLERK OF THE CITY OF RICHMOND
(SEAL)
Approved:
Mayor
Approved as to form:
City Attorney
State of California }
County of Contra Costa : ss.
City of Richmond }
I certify that the foregoing is a true copy of Resolution No._____, finally passed and adopted by the City Council of the City of Richmond at a regular meeting held on ____________.