RESOLUTION NO. (N.C.S.)
RESOLUTION AUTHORIZING CITY OF SALINAS FINANCIAL POLICIES AMENDMENTS AND RESERVE BALANCE RECOMMENDATIONS WHEREAS, it is important to ensure the City is able to withstand financial emergencies, such as those which may result from natural disasters, economic downturns, or unanticipated expenditures of a non-recurring nature, and to accumulate funds for large-scale purchases; and WHEREAS, regular routine maintenance and repairs upon facilities and infrastructure is necessary to prevent the need for more costly emergency repairs; and WHEREAS, establishing a sound reserve policy and building and maintaining strong reserve balances will ensure the City is positioned to endure a sustained economic downturn or other fiscal emergencies; and WHEREAS, establishing an appropriation policy which requires the City to consistently appropriate significant funds for maintenance and repairs upon its facilities and infrastructure will help to preserve the condition of those assets; and WHEREAS, City staff has recommended amendments to the City’s Financial Policies and increases of the City’s reserve balances which will enhance its fiscal sustainability and ensure the resources necessary to maintain its facilities and infrastructure in good condition are allocated.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Salinas, that the Council approves authorizing the amendment of City of Salinas Financial Policies Section II, Reserve Policies, and Section V.C, Operating Budget Policies, and establishment of various reserve balances as shown on the attachments to this Resolution.
PASSED AND APPROVED this 26th day of April 2022, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
APPROVED:
________________________
Kimbley Craig, Mayor
ATTEST:
_________________________
Patricia M. Barajas, City Clerk
Attachments
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