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Home My WebLink About4.05 FinRpt&CemeteryEndowmntFnds , . e e CITY OF DUBLIN AGENDA STATEMENT CITY COUNCIL MEETING DATE: November 22, 1993 SUBJECT: Financial Report For The Month of October 1993 and Authorization To Designate A Cemetery Endowment Fund Reserve For Funds Transferred To The City By Dublin Cemetery, Inc. (Prepared by: Paul S. Rankin, Assistant City Manager) EXHIBITS ATTACHED :" 1. / Balance Sheet and Income Statements for the Period Ending October 31, 1993. 2.~Resolution Designating A Special Reserve For Cemetery Endowment Funds RECOMMENDATION: Accept and file the report and adopt the Resolution. FINANCIAL: See report for monthly Financial Report. Cemetery Endowment Funds of $60,000 were Transferred to the City. The use of interest earnings on these funds are proposed to be restricted to the maintenance of the Cemetery property. DESCRIPTION: This item provides the monthly financial statement for the month of October 1993 and addresses the issue of a unique revenue received in the same month. GENERAL FUND REVENUES The General Fund accounts for the majority of the City's annual revenue and expenses. Compared to the prior year Revenues are tracking very close to the anticipated level. In Fiscal Year 1992/93 as of October the City had collected nearly 21.6% of the budgeted General Fund Revenues as compared to 22.9% for the same period in Fiscal Year 1993/94. In the first four months Staff has noted small increases in Sales Tax, Real Property Transfer Tax, and Licenses and Permits. These areas may be indicative of an improving economy as compared to the previous year. It should be noted that a proportionate amount of interest earnings on the City's portfolio are a significant revenue source for the City's General Fund. Over the past few months the City has purchased investments which provide interest payments twice each year (Federal Agency / Treasury Notes) . This will also skew the comparison of interest revenue when compared to prior years. In prior years the investments typically paid interest either monthly, or in the case of LAIF quarterly. In addition the Ci ty has placed an investment in a mutual fund. The di vidends are currently being reinvested to maximize the earnings potential. Staff intends to withdraw interest dividends from this investment at the end of the Fiscal Year. EXPENDITURES Total expenditures as of October 31st for the General Fund, are less than the percentage expended in the prior year. Significant portions of the Public Safety Budgets including Police and Fire Services have not been expended due to delays in receipt of billing statements from the providers of these services. Expenses in most of the other departments tend to follow expected expenditure patterns. It is recommended that the City Council receive and file these reports as authorized by section 41004 of the California Government Code. ITEM NO. 4.; eOPIES TO: CITY CLERK FILE ~ :~ . . e e PROPOSED RESTRICTION OF HERITAGE CENTER OTHER REVENUE (PERPETUAL CARE ENDOWMENT FUNDS) In the month of October the City received $ 60,000 from the Dublin Cemetery Inc. as part of the-Heritage Center acquisition. The funds were noted as a Transfer of Endowment Funds and have been recorded as a General Fund "Other Revenue." Staff has discussed with the Auditors as well as legal counsel the appropriate recording of these funds. It is Staff's understanding that the intent of the Endowment Fund was to generate interest revenue which could offset the on-going maintenance and care of the Cemetery. Staff has also been advised that additional monies may be transferred by the Cemetery Corporation when it finalizes its operations. In order to have a means for tracking the Cemetery Endowment Fund, it is necessary to have a separate City Council established Reserve. On an annual basis there will be interest revenue generated by this portion of the city's funds. The use of this revenue will be restricted to the maintenance of the Cemetery. For Fiscal Year 1993-94 Staff anticipate approximately $1,950 in interest revenue. This will help to offset the General Fund cost of maintaining the property. Staff has prepared a Resolution"which will amend the General Fund Reserve Policy adopted by the City Council on June 14, 1993. The Resolution establishes a designated reserve for the placement and accounting of the Cemetery Endowment Funds. a:1122cemy.agenda#14 .;:7 e CITY OF DUBLIN'S FINANeIAL STATEMENTS , FOR THE MONTH OF OCTOBER 1993 Prepared by The Finance Department - :,\ ~... EXHfBtT 1 , e e BGLl02 CITY OF DLTBLIN P.~GE 1 11/09/93 BALA1l'CE SHEET 16.09.31 FOR THE PERIOD 7/93 THROL~H 10/93 GEIlERAL SPECIAL SPECIAL CAPITAL REVElIUE REVENUE ASSESSMENT IMPROVEMEUT FUllDS FUNDS FUNDS FUNDS ASSETS CASH 817608.46- 581548.17 312905.40 65154.84 CASH WITH FISC).L AGM 121210.04 LllAMORTIZED ~lD DISCOUNT 625.00 INVESTMEIITS AT COST 17899729.88 RECEIVABLES: TAXES ~.CCOUlITS (NET) 191123.00 22343.74 110795.71 INTEREST 8601.00 ASSESSMENTS RENTS NOrES DUE FROM OTHERS 266806.79 13716.27 ( INVEUTORY AT COST PREPAID ITEMS 2538.72 FIXED ASSETS AOOUlITS TO BE PROVIDED 2232500.00 TOTAL ASSETS 17551815.93 617608.18 2666615.44 175950.55 LIAB, FIID BAL, RETND E~.RNINGS DEPOSITS FOR PRIVATE DEVELPHlIT 35555.97- DEPOSITS FOR AB1600 FEES 108508.46- DEPOSITS OTHERS 169038.66- 3125.00- P>.YABLES: ACCOUNTS 41226.71- 220455.67- INTEREST PAYROLL 33199.13 323.86- DUE TO OTHERS 119077 .60- 14 7729.19- DEBT INSTRL~NTS PAYABLE 2790000.00- TOTAL LIABILTIES 212622.21- 339857.13- 2793125.00- 256237.65- FUlID BAWleES 17339193.72- 277751. 05- 126509.56 80287.10 TOTAL FUND EQUITY 17339193.72- 277751.05- 126509.56 80287.10 TmAL LH.B,FND BAL, RETD EARNS 17551815.93- 617608.18- 2666615.44- 175950.55- e tit ~L102 CITY OF DUBLIlf PAGE 1 1/09/93 BHJlICE SHEET 16.10.10 FOR THE PERIOD 7/93 THROUGH 10/93 INTERNAL ENTERPRISE FIXED ASSETS GENERAL LONG SERVICE FUllDS GROUP OF TERM DEBT FU11D ACCOUNTS ACCOUNT GROUP ASSETS :ASH 286837. H 2456.27- :ASH WITH FISCAL AGENT 1726901.55 uNAMORTIZED BOND DISCOUNT INVESTMENTS AT COST RECEIV~~LES:TAXES ACCOUUTS (NET) INTEREST 46871.38 ASSESSMENTS RENTS NOTES DUE FROM OO'HERS IlNENTORY AT COST PREPAID ITEMS FIXED ASSETS 165970.10 21623460.54 470014.62 HIOUlITS TO BE PROVIDED 2548360.41 TOTAL ASSETS 452807.54 23394777.20 470014.62 2548360.41 LIAB, FHO BAL, RETlID EARNINGS DEPOSITS FOR PRIVATE DEVELPMUT DEPOSITS OO'HERS P~YABLES:ACCOUNTS 25603.30- INTEREST PAYROLL DUE 'I'O OTHERS DEBT INSTRUMElITS PAYABLE 18602851.88- 2548360.41- TOTAL LIABILITIES 18628455.18- 2543360.41- FUlID BAIJ.JICE 284549.80- 343567.98 COIITRIBUTIOHS 168257.74- 5109890.00- INVESTHEl!'rS IN FIXED ~.ssETS 470014.62- RETAINED EARNINGS TOTAL FUND EQUITY 452807.54- 4766322.02- 470014.62- TOTAL LIAB, FHO BAL 1 RETD El.JU!S 452807.54- 23394777.20- 470014.62- 2548360.41- ,. e - . ' " " . t, _' ",::. " . '. ,i ~~ .'. f BGL104 THE CITY OF DuBLIN sTATEMENT SiiOWIiiG PAGE 1 11/09/93 REVENUES VERSUS EXPENDITURE 15.45.09 FOR THE , PERIOD 7/93 THROUGH 10/93 GENERAL REVENUE FilllD CURRENT PERIOD BUIX;ET ACTU).L PERCENT VARD.NCE ****** ** REVElIUES******* PROPERTY TAXES 3839040.00- 345594.44- 9.0 3493445.56- SALES TAX 5560000.00- 1610073.37- 29.0 3949926.63- REAL PROPERTi TRAl/SFERS 73000.00- 23378.44- 32.0 49621. 56- TRANSIENT OCCUPANCY TAX 86000.00- 22546.00- 26.2 63454.00- F1t~~CHISE TAXES 505900.00- 32435.42- 6.4 473464.58- LICENSES & PERMITS 375600.00- 157021. 25- 41.8 218578.75- FINES & FORFEITURES 32000.00- 9474.11- 29.6 22525.89- USES OF MONEY AND PROPERTY 881100.00- 188817.45- 21. 4 692282.55- INTERllGOVERNMENTAL FROM STATE 964425.00- 294145.51- 30.5 670279.49- CHARGES FOR SERVICES 714533.00- 187022.18- 26.2 527510.82- OTHER SOURCES OF REVElfUE 28100.00- 124554.77- 443.3 96454.77 TOTAL REVEnUE 13059698.00- 2995062.94- 22.9 10064635.06- *******EXPENDITURES******* GENERAL GOVERHM~IT ACTIVITIES: NON-DEPARTMENTAL 50000.00 .00 50000.00 CITi COIDICIL 1010 110388.00 24431.05 22.1 85956.95 CITY MANAGER 1020 254184.00 71637.43 28.2 182546.57 . CITY ATTORNEY 1030 161170.00 34327.43 21.3 126842.57 ADMIN SERVICES 1040 407469.00 100434.56 24.6 307034.44 BUILDING MlJlAGEME1IT 1050 327067.00 81790.69 25.0 245276.31 FACILITY REllTAL 1050-719 1532816.00 .00 1532816.00 IHSO~~CE COST CENTER 1060 169656.00 127719.90 75.3 41936.10 ELECTIONS COST CEIErER 1070 12910.00 546.87 4.2 12363.13 ACTIVITY TOTAL 3025660.00 440887.93 14.6 2584772.07 PUBLIC SAFETY: POLICE 2010 3080979.00 80846.75 2.6 3000132.25 CROSSING GUARDS COST 2020 .00 .00 .00 ANIMAL CONTROL 2030 103100.00 .00 103100.00 TRP.FFIC SIGKALS 2040 .00 .00 .00 DISASTER PREAPREDNESS 2050 36084.00 8079.46 22.4 28004.54 FIRE SERVICES JPA 2060 2724203.00 653808.48 24.0 2070394.52 ACTIVITY TOT~.L 5944366.00 742734.69 12.5 5201631.31 '!'RP1ISroRTATIOlf : PUBLIC WORKS 3010 282681. 00 73837.15 26.1 208843.85 STREET KAINTEH).NCE 3020 165000.00 449.98 .3 164550.02 STREET TREE MAINTENANCE 3040 39150.00 12417.08 31.7 26732.92 STREET LANDSCAPE HAIN'I'. 3050 157670.00 41135.10 26.1 116534.90 P.~.TR.~ISIT SERVICES 3060 .00 .00 .00 ~.CTIVITY TOTAL 644501.00 127839.31 19.8 516661.69 HE>.LTH & WELF)~E: VECfDR CONTROL 5010 .00 .00 .00 W~.sTE MAlllGEHENT 5020 100.00 .00 100.00 ACTIVITY TOTAL 100.00 .00 100.00 CULTURE & LEISURE SERVICES: LIBR)~Y SERVICES 8010 165000.00 41250.00 25.0 123750.00 CULTURAL ACTIVITIES 8011 8000.00 8000.00 100.0 .00 HERITAGE CENTER 8012 10450.00 .00 10450.00 . e e GL104 THE CIT'i OF DUBLIN STATEME1IT SHOlmlG PAGE 2 11/09/93 REVENUES VERSUS EXPENDITURE 15.45.09 FOR THE PERIOD 7/93 THROl~H 10/93 GEUERAL REVEnUE FillID CURREIIT PERIOD BUDGET ACTU.A.L PERCENT VARHJICE PARK MAINTEllAllCE 8020 584100.00 142325.90 24.4 441774.10 COMMUNITY CABLE TV 8030 9000.00 9000 .00 100.0 .00 RECREATION ADHill. 8040 174258.00 46585.76 26.7 127672.24 PLAYGROOlIDS 8045 79482.00 25235.29 31.7 54246.71 SHAlmon CENTER 8050 124260.00 29973.07 24.1 94286.93 PRESCHOOL 8055 36509.00 7991. 69 21.9 28517.31 TEElIS PROGRAM 8060 33891.00 5813 .28 17.2 28077.72 FIELD SCHEDULING 8065 104959.00 25910.29 24.7 79048.71 YOUTH SPORTS 8066 30805.00 6380.15 20.7 24424.85 SPE'CIAL EVElfl'S 8070 30655.00 4507.11 14.7 26147.89 SEll lOR CENTER 8080 136283.00 254i0.45 18.7 110812.55 RECREATION INSTRUCTION 8090 90861. 00 19461.36 21.4 71399.64 lQUATICS 8100 196565.00 84274.09 42.9 112290.91 ACTIVITY TOTAL 1815078.00 432178.44 26.6 1332899.56 COHMUNITY DEVELOPMENT: PLANNING 9010 483617.00 143919.82 29.8 339697.18 BUILDING SAFETY 9020 251277.00 66112.74 26.3 185164.26 EIIGINEERING 9030 176180.00 62676.40 35.6 113503.60 ECONOMIC DEVELOPMENT 9040 9610.00 5035.00 52.4 4575.00 ACTIVITY T01'AL 920684.00 277743.96 30.2 642940.04 C.!.PITAL IMPROVEMENT PROJECTS: . COKHLTNITY IMPROVEMENTS 941111 .00 li43.70- 1143.70 PARKS 95NH 10000.00 .00 1??oo.00 STREET COllSTRC/IHPROVHT 96NN .00 9187.09 9187.09- ACTIVITY TOTAL 10000.00 8043 . 39 80.4 1956.61 TOT A L EXPEIlDITURES 12360389.00 2079427.72 16.8 10280961.28 EXCESS <REV~roE>EXPENDITURES 699309.00- 915635.22- 130.9 216326.22 TF.AHSFERS III FROM OO'HER FUNDS .00 .00 .00 EXCESS <REVENUE> EXPENDITURE 699309.00- 915635.22- 130.9 216326.22 e e BGL104 THE CITY OF DUBLIN ST~.TEMEUT SHOWING PAGE 1 11/09/93 REVflflJES VERSOS EXPENDITURE 15.47.50 FOR THE PERIOD 7/93 THROUGH 10/93 SPECUL REVENUE FUlIDS CURRENT PERIOD BUDGET ACTUJ..L PERCENT VARHlfCE ********REVENUES******* SALES TAX 114000.00- 35702.27- 31.3 78297.73- FINES & FORFEITURES 26500.00- 10587.48- 40.0 15912.52- USES OF MONEY }JID PROPERTY 16430.00- .00 16430.00- INTERlIGOVERllMEN'I'AL FROM STATE 756440.00- 134629.03- 17.8 621810.97- INTERC.{)VERmlElfTAL FROM COUNTY 29000.00- .00 29000.00- IUTERGOVERnMENTAL FROM FEDERAL 2147125.00- .00 214 7125.00- CHARGES FOR SERVICES 716557.00- 2015.91- .3 714541.09- OTHER SOURCES OF R~JEHUE 5000.00- 6587.32- 131. 7 1587.32 TOT~.L REVENUE 3811052.00- 189522.01- 5.0 3621529.99- *~~'***EXPElfDITURES******* 0EUZRAL GOVERNMENT ACTIVITIES: CITY COUNCIL .00 .00 .00 CITY MANAGER .00 .00 .00 ACTIVITY roI'AL .00 .00 .00 PUBLIC SAFETY: POLICE 18170.00 1494.57 8.2 16675.43 TRAFFIC SIGNALS 93500.00 13950.75 14.9 79549.25 ACTIVITY TOT}.L 111670.00 15445.32 13.8 96224.68 TRAlfSPORTATIOH: STREET ~~INTENAHCE 177350.00 94291. 95 53.2 83058.05 STREET SWEEPING 67200.00 15971.88 23.8 51228.12 }.CTIVITY TOTAL 244550.00 110263.83 45.1 134286.17 HEALTH & WELFARE: WASTE MANAGEMENT 572236.00 2200.00 .4 570036.00 CULTURE & LEISURE SERVICES: COHMLTNITY DEVELOPMENT: EllGINEERING 116497.00 10670.22 9.2 105826.78 }.CTIVITY TOTAL 116497.00 10670.22 9.2 105826.78 CAPITAL IMPROVEMENT PROJECTS: GENERAL CIP PROJECTS .00 .00 .00 comroUITY IHPROVEMEIiTS 171958.00 24888.44 14.5 147069.56 PARKS 127971. 00 10857.57 8.5 117113.43 STREET CONSTROCTION/IHPROVMT 2342550.00 13522.79 .6 2329027.21 ACTIVITY TOTAL 2642479.00 49268.80 1.9 2593210.20 TOT A L EXPENDITURES 3637432.00 187848.17 5.1 3499583.83 EXCESS <REVENUE>EXPENDlTURE 123620.00- 1673.84- 1.4 121946.16- EXCESS <REVEnUE> EXPENDITURE 123620.00- 1673.84- 1.4 121946.16- - e BGL104 THE CITY OF DUBLIN STATEMEJlT SHOWIlIG PAGE 1 11}09/93 REVENUES VERSUS EXPIDfDITURE 15.51.14 FOR THE PERIOD 7}93 THROUGH 10/93 SPECD.1 ASSESSMENT FUlIDS CURRENT PERIOD BUDGET ACTDAL PERCENT VARIANCE ********REVENUES******* SPECIAL BENEFITS ASSESSMENTS 523913.00- 3198.61- .6 520714.39- USES OF MONEY !lID PROPERTY 28260.00- .00 28260.00- OTHER SOURCES OF REVENUE 10400.00- 4727.89- 45.5 5672.11- 'IQTAL REVENUE 562573.00- 7926.50- 1.4 554646.50- *******EXPENDITURES******* GENERAL GOVERHHElfl ACTIVITIES: 1I0U-DEPARTMENTAL 650731.00 565406.00 86.9 85325.00 FINANCE DEPARTMENT .00 .00 .00 tI.CTIVITY TOTAL 650731.00 565406.00 86.9 85325.00 PCBLIC SAFETY: TRFC SIGS/STREET LIGHTING 197300.00 16165.60 8.2 181134.40 ACTIVITY TOTAL 197300.00 16165.60 8.2 181134.40 TRt.NSPORTATIOlJ: PL~LIC WORKS 1701.00 1433.39 84.3 267.61 STREET TREE KAINTENAl~E 11300.00 1142.13 10.1 10157.87 STREET LANDSCtl2E HAINTENAlICE 109520.00 22845.42 20.9 86674.58 ACTIVITY TOTAL 122521.00 25420.94 20.7 97100.06 HEALTH << WELFARE: CULTURE & LEISURE SERVICES: COMMUNITY DEVELOPMEnT: EllGINEERING 7550.00 3458.52 45.8 4091. 48 ACTIVITY TOTAL 7550.00 3458.52 45.8 4091.48 CAPITAL IMPROVEMENT PROJECTS: COMMUNITY IMPROVEMEnTS .00 4500.00 4500.00- STREET conSTROCTION}IMPROVMT .00 .00 .00 ACTIVITY TOTAL .00 4500.00 4500.00- TOT A L EXPENDITORES 978102.00 614951.06 62.9 363150.94 EXCESS<REVENUE>EXPElTDITURE 415529.00 607024.56 146.1 191495.56- TRANSFERS OUT TO OTHER FUlIDS .00 .00 .00 EXCESS <REVEllUE> EXPElrDITURE 415529.00 607024.56 146.1 191495.56- e e BGLl04 - THE CITY OF Du~LIH STATEMENT SHOWING PAGE 1 11/09/93 REVENUES VERSUS EXPENDITURE 16.05.37 fOR THE PERIOD 7/93 THROC~H 10/93 ( CAPITAL IMPROVEMENT FUND CURRElIT PERIOD BUDGET ACTU;.L PERCENT VARIANCE ********REVENUES******* USES OF HONEY }Jf.D PROPERTY 4340.00- .00 4340. 00- OTHER SOURCES OF REVENUE 853500.00- .00 853500.00- TOTH REVElffiE 857840.00- .00 857840.00- *******EXPElfDITURES******* GENER)~ GOVERNMENT ACTIVITIES: ACTIVITY TOTH .00 .00 .00 PUBLIC SAFETY: TRAlISPORTATIOl! : HEALTH & WELF}~E: CULTURE & LEISu~E SERVICES: COHHUlHTY DEVELOPMENT: ElIGINEERING 91608.00 .00 91608.00 ACTIVITY TOTAL 91608.00 .00 91608.00 C~JPITAL IMPRO\TEHENT PROJECTS: CC*fMUlIITY IMPROVEMENTS 50000.00 .00 50000.00 STREET CONSTRC~TION/IMPROVMT 561150.00 31714.67 5.7 529435.33 ACTIVITY TOTH 611150.00 31714.67 5.2 579435.33 TOT A L EXPElIDITURES 702758.00 31714.67 4.5 671043.33 EXCESS<REVENUE>EXPElfDITURE 155082.00- 31714.67 20.5- 186796.67- EXCESS <REVENUE> EXPfllDITURE 155082.00- 31714.67 20.5- 186796.67- .. .-. e e BGLlO4 THE CITY OF DUBLIN STATEMENT SHOWING PAGE 1 11/09/93 REVENUES VERSUS EXPBIDITURE 15.54.48 FOR THE PERIOD 7/93 THROUGH 10/93 D1TERHAL SERVICE FUND CURRENT PERIOD BUDGET ACTUAL PERCENT VARDJfCE ********REVElfUES******* USES OF MONEY MID PROPERTY 9360.00- .00 9360.00- CHARGES FOR SERVICES 137229.00- 43590.25- 31.8 93638.75- OTHER SOURCES OF REVENUE 4500.00- .00 4500.00- TOTAL REVENUE 151089.00- 43590.25- 28.9 107498.75- *******EXPENDITURES******* GENERAL GOVERNMENT ACTIVITIES: NOH-DEPARTMENTAL 188239.00 55941.45 29.7 132297.55 ACTIVITY TOTAL 138239.00 55941. 45 29.7 132297.55 PUBLIC SAFETY: TRAHSPORTATIOlI: HEALTH & WELFARE: CULTURE & LEISURE SERVICES: COMHUlUTY DEVELOPMENT: C.~IT.\L IHPROVEHElff PROJECTS: GENERAL eIP PReVECTS .00 .00 .00 ACTIVITY TO'1'AL .00 .00 .00 TOT A L EXPEIlDITURES 188239.00 55941.45 29.7 132297.55 EXCESS<REVENUE>EXPflfDlTUlRE 37150.00 12351. 20 33.2 24798.80 TRANSFERS OUT TO OTllER FmlDS .00 .00 .00 EXCESS <REVENUE> EXPflIDITURE 37150.00 12351.20 33.2 24798.80 e e BGLl04 THE CITY OF DUBLIN STATEME1~ SHOWING PAGE 1 11/09/93 REVENUES VERSUS EXPENDITURE 16.00.46 FOR THE PERIOD 7/93 THROC~H 10/93 EUTERPRISE FUlIDS CURREllT PERIOD BUDGET ACTUAL PERCEnT VARIANCE ********REVENUES******* USES OF MONEY }JID PROPERTY 1611177.00- 866.61- .1 1610310.39- TOTAL REVElfUE 1611177 . 00- 866.61- .1 1610310.39- *******EXPENDITURES******* GENERAL C.oVERlfMENT ACTIVITIES: lfON-DEPARTMEllTAL 1532876.00 .00 1532876.00 CITY MANAGER .00 .00 .00 FIN.~CE DEPARTMENT 8250.00 41 0 . 00 5.0 7840.00 ACTIVITY TOTAL 1541126.00 410.00 1540716.00 PUBLIC SAFETY: DISASTER PRRAPREDNESS 1140.00 .00 1140.00 ACTIVITY TOTAL 1140.00 .00 1140.00 TRAllSPORTATIOlf : HEALTH & WELFARE: CULTURE & LEISURE SERVICES: RECREATION ADMINIST1t~TION 11800. 00 2934.67 24.9 8865.33 SENIOR CENTER 450.00 238.14 52.9 211.86 ACTIVITY TOTAL 12250.00 3172.81 25.9 9077.19 COMMUNITY DEVELDPMElfT: CAPITAL IMPROVEMENT PROJECTS: T b TAL EXPENDITURES 1554516.00 3582.81 .2 1550933.19 EXCESS<REVElfUE>EXPEHDITURES 56661.00- 2716.20 4.8- 59377.20- EXCESS <REVElruE> EXPENDITURE 56661.00- 2716.20 4.8- 59377.20- . e RESOLUTION NO. - 93 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DUBLIN *************************** AMENDING RESOLUTION NO. 80 - 93 AND DESIGNATING A SPECIAL RESERVE FOR THE MANAGEMENT AND ACCOUNTING OF CEMETERY ENDOWMENT FUNDS TRANSFERRED TO THE CITY OF DUBLIN BY DUBLIN CEMETERY, INC. WHEREAS, as part of the Dublin Heritage Center Acquisition project the City acquired property owned by Dublin eemetery, Inc.; and WHEREAS, the eemetery corporation had accrued funds over the years which were designated as an endowment; and WHEREAS, the purpose of the endowment was to assure a principal amount of money which could generate interest income; and WHEREAS, the income could be used to offset costs associated with the ongoing maintenance of the eemetery grounds; and WHEREAS, it is appropriate for the eity Council to clearly establish policies which will assure that these monies continue to be used for the original intended use; and WHEREAS, the eity eouncil has adopted Resolution 80-93 which designates how City General Fund Reserves are to be treated; and WHEREAS, the eity eouncil considers it appropriate to designate a special reserve for any eemetery Endowment Funds TRANSFERRED to the eity. NOW, THEREFORE, BE IT RESOLVED that the eity eouncil of the City of Dublin does hereby amend Resolution No. 80-93 to include the language attached hereto as Exhibit A.1 and by reference made a part hereof. BE IT FURTHER RESOLVED that Staff is hereby authorized to take all steps necessary to implement this change, including but not limited to: reflecting the reserve in the Annual eity Financial Report; establishing a unique Account Number to account for interest income; identifying the expenditure of such funds as part of the Annual Budget; and account for additional contributions to the Fund in a similar manner. PASSED, APPROVED AND ADOPTED this AYES: th day of , 1993. NOES: ABSENT: Mayor ATTEST: eity elerk EAms1T ? 0'\ . . e e . EXHIBIT A. 1 DESIGNATED SPEeIAL RESERVE FOR CEMETERY ENDOWMENT FUNDS GENERAL subsequent to the adoption of Resolution 80-93 the eity acquired property owned by Dublin eemetery Inc. As the owner of the property the eity also acquired the Endowment Funds previously collected by the Cemetery Corporation. This policy shall explicitly designate a Special Reserve within the City General Fund. . AMOUNT OF DESIGNATED RESERVE The amount initially transferred on October 21, 1993, as part of the acquisition, was $60,000 (sixty thousand dollars). The City eouncil recognizes that this amount may increase in the event that any further contributions are received. INVES~ This designated reserve may be pooled with the eity General Fund Reserve and invested pursuant to adopted policies and laws. As necessary, records shall be maintained to determine the proportionate share of interest earnings generated by this special designated reserve. EXPENDITURE OF INTEREST EARNINGS ONLY None of the principal amount deposited in this designated reserve shall be available for expenditure. For purposes of Budgeting the city eouncil may elect to save interest earnings generated in one year and expend them in a subsequent year. RESTRICTION ON EXPENDITURES TO BE FUNDED WITH INTEREST EARNINGS The interest designated from this restricted reserve shall only be used to fund expenditures related to the on-going care and maintenance of the Cemetery property. REVISIONS Revisions to this pOlicy shall be approved by the City Council in the form of an adopted Resolution.