RESOLUTION 2023-###
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN PABLO APPROVING AMENDMENT #4 TO THE GENERAL FUND DESIGNATED RESERVES (GFDR) FOR FISCAL YEAR 2023-24, EFFECTIVE DECEMBER 31, 2023.
WHEREAS, “Continue Fiscal Resilience, Fiscal Excellence and Fiscal Transparency” is an adopted City Council Priority contained in the adopted Fiscal Year 2023- 2025 City Council Priority Workplan, effective May 1, 2023; and
WHEREAS, the City Council formally adopted R esolution No. #2023-067 approving the General Fund Designated Reserves (GFDR) total fund balance allocation of $16,971,805 for Fiscal Year (FY) 2022-23; and
WHEREAS, of the total $16,971,805 FY 2022-23 GFDR allocations, $14,675,394 had been appropriated and expensed during FY 2022-23 resulting in a remaining unappropriated GFDR balance of $2,296,411 from the previously allocated expense items; and
WHEREAS, o f the remaining $2,296,411 FY 2022- 23 GFDR balance, two capital projects received GFDR appropriations in the total amount of $1,207,675 during FY 2023- 24; and
WHEREAS, the proposed said Resolution approves Amendment #4 to the FY 2023- 24 GFDR Fund Balance which includes the following new GFDR allocations and appropriations:
1. New GFDR allocation in the amount of $2,260,050 from a one-time transaction made during FY 2022- 23 to reimburse the General Fund from the 2015 JPFA Lease Revenue Bonds Fund for prior year costs paid by the General Fund.
2. New GFDR allocation in the amount of $3,050,000 for the anticipated sale of land located on Vale Road to the Lytton Rancheria of California (Note: Escrow closure date: 12/29/23)
3. One-time GFDR Appropriation of $1,000,000 to provide initial funding in establishing the City’s Section 115 Post-Employment Benefits Trust Program with Public Agency Retirement System.
WHEREAS, the Budget, Fiscal & Legislative Standing Committee was slated to review the Proposed Amendment No. #4 – FY 2023- 24 GFDR Fund Balance at their December 6, 2023 posted agenda. However, due to lack of quorum, the BFLSC meeting was cancelled and the matter deferred to the City Council for formal review and consideration via adopted Resolution.
NOW, THEREFORE, BE IT RESOLVED that the foregoing recitations are true and correct and are included herein by reference as findings.
BE IT FURTHER RESOLVED that the City Council of the City of San Pablo approves amendment #4 to the General Fund Designated Reserves with a total balance of $5,398,786 for Fiscal Year 2023-24, effective December 31, 2023 as shown below:
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ADOPTED this 13th day of December 2023, by the following votes:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
ABSENT: COUNCILMEMBERS:
ABSTAIN: COUNCILMEMBERS:
ATTEST: APPROVED:
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Dorothy Gantt, City Clerk Patricia Ponce, Mayor