HomeMy WebLinkAbout09-124 - Resolutions RESOLUTION NO. 09-124
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 15th day of June 2009 that the level of fiscal
reserves maintained by the City of Rancho Cucamonga as stated in the Comprehensive
Annual Financial Report dated June 30, 2008 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.
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For formal adoption,certification and signatures
PASSED, APPROVED, AND ADOPTED this 15th day of June 2009.
AYES: Gutierrez, Michael, Spagnolo
NOES: None
ABSENT: Kurth, Williams
ABSTAINED: None
L. ennis Michael, Ma r Pro T m
ATTEST:
J J nice C. Rey' olds, City Clerk
1 I, JANICE C. REYNOLDS, 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 an
adjourned meeting of said City Council held on the 15th day of June 2009.
Executed this 16th day of June 2009, at Rancho Cucamonga, California.
J nice C. Reyn M ds, Ci CI rk
Resolution No. 09-124 —Page 2 of 2