HomeMy WebLinkAbout10-083 - Resolutions RESOLUTION NO. 10-083
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 10`h day of June 2010 that the level of fiscal reserves
maintained by the City of Rancho Cucamonga as stated in the Comprehensive Annual Financial
Report dated June 30, 2009 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
PASSED, APPROVED, AND ADOPTED this 10th day of June 2010.
AYES: Kurth, Michael, Williams
NOES: None
ABSENT: Gutierrez, Spagnolo
ABSTAINED: None
Donald J. Kurth, PaD., Mayor
ATTEST:
ice C. Reynolds, Cit Jerk
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 a Special Meeting
of said City Council held on the 10`h day of June 2010.
Executed this 14th day of June 2010, at Rancho Cucamonga, California.
�1G XX
6L6nice C. Reynolds, Cit Clerk
Resolution No. 10-083 - Page 2 of 2