HomeMy WebLinkAbout05-205 - Resolutions RESOLUTION NO. 05-205
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 maintain a
prudent level of financial resources to protect existing services against unforeseen
circumstances and funding needs, and;
WHEREAS, the Rancho Cucamonga City Council desires to be adequately
prepared for emergencies, temporary revenue shortfalls or other unpredicted one-time
expenditures in order to temporarily stabilize the operating budget, and;
WHEREAS, the Rancho Cucamonga City Council desires to maintain good
fiscal management and fiscal structure to operate a corporation and effectively support the
internal organizational needs of the services provided by the City, and;
WHEREAS, the Rancho Cucamonga City Council desires to maintain the
financial strength required to sustain fiscal stability and attain the most beneficial bond rating
from financial rating agencies for the City;
NOW, THEREFORE, the City Council of the City of Rancho Cucamonga,
California, does hereby resolve on this 16`h day of June 2005 that the level of fiscal reserves
maintained by the City of Rancho Cucamonga as stated in the Comprehensive Annual Financial
Report dated June 30, 2004 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. 05-205
Page 2 of 2
PASSED, APPROVED, AND ADOPTED this 16th day of June 2005.
AYES: Alexander, Gutierrez, Michael, Williams
NOES: None
ABSENT: Spagnolo
ABSTAINED: None
William J. a nder, Mayor
ATTEST:
/" r
bebra J. AdanjLAC, City Clerk
I, DEBRA J. ADAMS, 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 16th day of June 2005.
Executed this 20th day of June 2005, at Rancho Cucamonga, California.
ebra J. Aws, CMC, City Cler