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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