RESOLUTION NO. 2024-09-XXXX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SIGNAL HILL, CALIFORNIA, ADOPTING A GENERAL FUND RESERVE POLICY FOR THE CITY OF SIGNAL HILL WHEREAS, the City of Signal Hill currently operates under the budgeting and financial planning guidelines set forth in the annually adopted budget document, and WHEREAS, under the current financial planning guidelines The City shall maintain a combined General Fund reserve and Economic Uncertainties reserve equivalent to a minimum of six months operating expenses, and WHEREAS, The General Fund and Economic Uncertainties reserves shall only be used for cashflow purposes, loans to other funds, major citywide emergencies (e.g., earthquakes, floods, or fire), severe economic downturns, or loss of a major sales tax provider, and WHEREAS, When fiscally prudent, Special Reserve Funds should be established for identified, future major expenditures such as GASB 45, PERS, Library, and Police Building. These Reserves should be clearly identified in the Annual Budget, and WHEREAS, Non-recurring resources will be used for non-recurring expenditures such as contributions to reserves, debt retirement, and/or capital projects, and WHEREAS, the City Council has a desire to review the existing reserve targets to ensure strong long-term fiscal stability, and WHEREAS, It is prudent to review and assess risk levels and have an established fund balance reserve policy for the General and Risk Management funds within the City, and WHEREAS, the City Council establishes a formal General Fund Reserve Policy and establishes new limits and criteria for each stated reserve within the policy.
NOW, THEREFORE THE CITY COUNCIL OF THE CITY OF SIGNAL HILL, CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The City Council hereby approves the General Fund Balance Reserve policy in the form submitted and attached hereto as Exhibit A.
Section 2. The City Council hereby sets the reserve level and actions to be taken as part of the annual budget adoption as stated within the attached policy.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the City Council of the City of Signal Hill, California, on this 10th day of September. ________________________________
LORI Y. WOODS
MAYOR
ATTEST:
______________________________
DARITZA GONZALEZ
CITY CLERK
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SIGNAL HILL )
I, DARITZA GONZALEZ, City Clerk of the City of Signal Hill, California, hereby certify that Resolution No. 2024-09-XXXX was adopted by the City Council of the City of Signal Hill at a regular meeting held on the 10th day of September, 2024, and that the same was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
_________________________________
DARITZA GONZALEZ
CITY CLERK
Resolution No2024-09-XXXX
September 10, 2024
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