HomeMy WebLinkAbout11-093 - Resolutions RESOLUTION NO. 11-093
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
RANCHO CUCAMONGA, CALIFORNIA COMMITTING TO 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 15`h day of June 2011 that the level of fiscal reserves maintained by the
City of Rancho Cucamonga as of fiscal year end are committed to the following goals. The
funding goal for the Changes in Economic Circumstances reserve is hereby committed to a
level of a minimum six-month operating reserve in the City's General Fund. The specific uses
for this commitment are the declaration of a State or Federal state of emergency or a local
emergency as defined in Rancho Cucamonga Municipal Code Section 2.36.020; or a change in
economic circumstances in a given fiscal year that results in revenues to the City being
insufficient to cover expenditures for one or more fiscal years;
BE IT FURTHER RESOLVED, the funding goal for the City Facilities' Capital Repair reserve is
hereby committed to a maximum of 15% of capital assets value comprised of construction in
progress (excluding infrastructure), building improvements, and improvements other than
building for governmental activities; and
BE IT FURTHER RESOLVED, the funding goal of the Working Capital reserve is committed to
a level of 5% of the City's General Fund operating budget for the upcoming fiscal year; and
BE IT FURTHER RESOLVED, the Self-Insurance reserve is committed for payment of general
liability claims primarily through the use of interest earning on the reserve but not limited to such
in the event of an unfavorable interest rate environment; and
BE IT FURTHER RESOLVED, the Employee Leave Payouts reserve is committed for employee
leave payouts as valued in accordance with the City's labor contracts as of the last day of the
fiscal year; and
BE IT FURTHER RESOLVED, the Booking Fees reserve is committed to provide funding for an
increase in the booking fees charged to the City by the County of San Bernardino not readily
determinable at the time of budget adoption due to the delay in the adoption of the State of
California's budget; and
BE IT FURTHER RESOLVED, the Law Enforcement reserve is committed for public safety
purposes; and
BE IT FURTHER RESOLVED, the Contract Development Services reserve is committed for
contract development services.
Please see the following page
for formal adoption,certification and signatures
PASSED, APPROVED, AND ADOPTED this 15th day of June 2011.
AYES: Alexander, Buquet, Michael, Spagnolo, Williams
NOES: None
ABSENT: None
ABSTAINED: None
L. Dennis Michael, Mayor
ATTEST:
nice C. Reynolds, City Cl rk
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 Regular Meeting
of said City Council held on the 15`h day of June 2011.
Executed this 16`h day of June 2011, at Rancho Cucamonga, California.
446ice C. Reynolds, City Jerk
Resolution No. 11-093 - Page 2 of 2