HomeMy WebLinkAbout06-205 - Resolutions RESOLUTION NO. 06-205
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 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 22"d day of June 2006 that the level of fiscal reserves
maintained by the City of Rancho Cucamonga as stated in the Comprehensive Annual Financial
Report dated June 30, 2005 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. 06-205
Page 2 of 2
PASSED, APPROVED, AND ADOPTED this 22nd day of June 2006.
AYES: Alexander, Gutierrez, Michael, Spagnolo, Williams
NOES: None
ABSENT: None
ABSTAINED: None
William J. Alex nde , ayor
ATTEST:
&t47
Debra J. Ada MC, 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 Regular Meeting
of said City Council held on the 22nd day of June 2006.
Executed this 26`" day of June 2006, at Rancho Cucamonga, California.
Debra J. Adams,t,W, City Clerk