HomeMy WebLinkAbout1989-139-07/18/1989-AUHTORIZING VARIOUS SURPLUS FUNDS BE HELD IN RESERVE FOR FUTURE USES RESOLUTION 89- 139
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING VARIOUS SURPLUS FUNDS BE HELD IN RESERVE
FOR FUTURE USES
WHEREAS, for the last several years, the City Council has adopted a
policy of utilizing conservative assumptions for projecting the City's
revenues and expenditures; and
WHEREAS, at the end of 1988, the Comprehensive Annual Financial Report
shows the General Fund has met all its Financial Policies related to
reserves and has approximately $1.5 million in Undesignated Reserve; and
WHEREAS, the General Fund is expected to receive an additional ,
one-time revenue of approximately $1.2 million in 1989 as the excess
available from the conversion of the "Old Hire" Police Pension Plan from a
defined benefit program to a defined contribution program; and
WHEREAS, conservative management of the 1/4 cent Necessary Sales and
Use Tax fund has resulted in at least $400,000 in that fund balance after
that capital program is completed; and
WHEREAS, Council wishes to reserve these surplus funds for future
one-time uses in keeping with Council goals and priorities.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That accumulated undesignated Reserves from the conclusion
of the fiscal year 1988 and the unanticipated revenue from the Police
Pension Conversion be retained in the Undesignated Reserve in the General
Fund and that such funds not be expended without specific authority of
Council by Ordinance.
Section 2. That the unappropriated funds in the Essential Capital
Fund be retained as a balance in that fund and not be expended without
specific authorization of Council by Ordinance.
Section 3. That the City Manager is hereby directed that the 1990
Recommended Budget retain those funds in reserves as directed above pending
Council policy direction on their use.
Passed and adopted at a regular meeting of the City Council held this
18th day of July, A.D. 1989.
e
Mayor
AT S � 2
City Clerk