HomeMy WebLinkAbout07-161 - Resolutions RESOLUTION NO. 07-161
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA, REAFFIRMING THE
LEVEL OF FISCAL RESERVES FOR THE CITY OF RANCHO
CUCAMONGA
WHEREAS, the Rancho Cucamonga City Council desires to protect existing
services, and,
WHEREAS, the Rancho Cucamonga City Council desires to be prepared for
emergencies, and;
WHEREAS, the Rancho Cucamonga City Council desires to maintain good fiscal
management and fiscal structure to operate a municipal corporation, and;
WHEREAS, the Rancho Cucamonga City Council desires to maintain the
financial strength required to obtain beneficial bond ratings for the City;
NOW, THEREFORE, the City Council of the City of Rancho Cucamonga,
California does hereby resolve on this 25th day of June 2007 that the level of fiscal reserves
maintained by the City of Rancho Cucamonga as stated in the Comprehensive Annual Financial
Report dated June 30, 2006 are hereby reaffirmed.
BE IT FURTHER RESOLVED, the funding goal for the Changes in Economic
Circumstances reserve is hereby reaffirmed at a level of a minimum six-month operating
reserve in the City's General Fund; the funding goal for the City Facilities' Capital Repair reserve
is 15% of capital assets value; and the funding goal of the Working Capital reserve is 5% of the
City's General Fund budget for the upcoming fiscal year.
Please see the following page
for formal adoption,certification and signatures
Resolution No. 07-161
Page 2 of 2
PASSED, APPROVED, AND ADOPTED this 25`h day of June 2007.
AYES: Gutierrez, Michael, Spagnolo, Williams
NOES: None
ABSENT: Kurth
ABSTAINED: None
Diane Williams, Mayor Pro Tem
ATTEST:
Kathryn V Scott, CMC, Assistant City Clerk
I, KATHRYN L. SCOTT, CMC, ASSISTANT CITY CLERK of the City of Rancho
Cucamonga, California, do hereby certify that the foregoing Resolution was duly passed,
approved and adopted by the City Council of the City of Rancho Cucamonga, California, at a
Special Meeting of said City Council held on the 25'h day of June 2007.
Executed this 261h day of June 2007, at Rancho Cucamonga, California.
J tL
Kathryn L. Scott, CMC, Assistant City Clerk