HomeMy WebLinkAboutReso 122-15 General Fund Reserves RESOLUTION NO. 122 - 15
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
*********************
AUTHORIZING A SPECIAL DESIGNATION OF GENERAL FUND RESERVES FOR
FISCAL YEAR 2014-15
WHEREAS, On June 16, 2015 the City Council adopted a revised Fund Balance and
Reserves Policy; and
WHEREAS, the Fund Balance and Reserves Policy requires special fund balance allocations
to be adopted by the City Council, and allows the City Council to take action prior to the end of the
fiscal year to direct a specific assignment of the fund balance; and
WHEREAS, Staff reviewed updated information regarding fund balance and estimated one-
time revenues during the preparation of the Fiscal Year 2014-15 and FY 2015-16 Budget.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does
hereby make a special allocation of the estimated Fiscal Year 2014-15 year-end balance to the
Committed fund balance sub-categories as follows:
Actual total change Projected
2013-14 INCREASE DECREASE during year 2014-15
Committed v $30,992,256 $5,662,908 ($6,550,133)V ($887,225)x$30,105,031
Economic Stability 6,000,000 - 6,000,000
Downtown Public Impr 1,000,000 (450,042) (450,042) 549,958
Open Space Funding 45,975 (45,975) (45,975) 0
Affordable Housing 1,000,000 - 1,000,000
Emergency Communications 741,000 - 741,000
Fire Svcs OPEB 8,196,000 397,854 397,854 8,593,854
Innovations & New Opport 1,372,785 - 1,372,785
it City/School Projects 235,873 (119,858) (70,000) (189,858) 46,015
One-Time Initiative 1,341,408 - 1,341,408
Specific Committed Reserves
Emerald Glen Aquatic Complex 3,000,000 (102,350) (102,350) 2,897,650
Maintenance Facility 1,133,601 (1,133,601) (1,133,601) -
Cemetery Expansion 2,391,538 2,887,600 (816,960) 2,070,640 4,462,178
Fallon Sports Park - 2,000,000 2,000,000 2,000,000
Civic Ctr Expansion 259,076 (155,457) (155,457) 103,619
Public Safety Complex - 97,312 (97,312) - -
Storm Drain Capture 400,000 (178,436) 221,564 221,564
Shannon Center Parking Lot 775,000 - 775,000
Utility Undergrounding -
Advance to Public Facility Fee 3,500,000 (3,500,000) (3,500,000) -
Page 1 of 2
BE IT FURTHER RESOLVED that, any net resources remaining after special designations,
and after meeting the minimum requirement of two months cash flow in the Unassigned fund balance
and a maximum of 15% asset book value in the Catastrophic Loss reserve, will be assigned as
described in the policy: a) 50% to Pension and Other Post Employment Benefits; and b) 50% to the
Non-Streets Capital Improvements Program reserve.
PASSED, APPROVED AND ADOPTED this 16th day of June, 2015, by the following vote:
AYES: Councilmembers Biddle, Gupta, Hart, Wehrenberg
NOES: Mayor Haubert
ABSENT: None
ABSTAIN: None
`N tor-1)\ f)a.- • i0
Mayor
ATTEST:
D a43'VT`f City Clerk
Reso No. 122-15, Adopted 6-16-15, Item 8.2 Page 2 of 2