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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