HomeMy WebLinkAboutReso 2004-087 - Transfer of Funds
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. RESOLUTION NO. 2004-87 .
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
AMENDING CITY COUNCIL POLICY NO. 423 FOR TRANSFER OF
FUNDS FROM GENERAL FUND TO A CONTINGENCY RESERVE
FUND.
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WHEREAS, a key responsibility of city government is to manage resources as efficiently and
effectively as possible; and
WHEREAS, City of Redding staff has developed long range financial plans to assist the City with
this key responsibility; and
WHEREAS, City staff has recommended the creation of a separate fund to be used as directed and
approved by City Council ("Contingency Reserve Fund"); and
WHEREAS, the segregation of such funds into the Contingency Reserve Fund on the City's books
would not change the General Fund's Ten-Year Plan; and
WHEREAS, transfers between the General Fund and the Contingency Reserve Fund would assure
maximum flexibility; and
WHEREAS, any transfers between the General Fund and the Contingency Reserve Fund would
require approval of the Finance Offieer and City Manager; and
WHEREAS, there would be no net financial impact to the City's budget from such transfers.
NOW, THEREFORE, IT IS RESOLVED by the City Council of the City of Redding that the
General Debt Service Fund be eliminated and the Contingency Reserve Fund be established.
NOW, THEREFORE, IT IS FURTHER RESOLVED by the City Council of the City of Redding
that the Finance Officer, with the City Manager's approval, is authorized to administratively make transfers
between the General Fund and the Contingency Reserve Fund as set forth in the attached amended City
Council Policy 423.
I HEREBY CERTIFY that the foregoing resolution was introduced, read, and adopted at a regular meting
of the City council on the 1st day of June, 2004, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
Mathena, Stegall, and Pohlmeyer
None
Cibula and Kight
None
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Form Approved
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Brad L Fuller, City Attorney
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Attegt:
CITY OF REDDING, CALIFO
COUNCIL POLICY
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SUBJECT
RESOLUTION
NUMBER
POLICY
NUMBER
EFFECTIVE
DATE
PAGE
Transfers Between Funds
2003-164
423
10-21-03
1 of 1
BACKGROUND
The City has established a Gwelal Debt SeI viee Pond Contingency Reserve Fund to segregate funds for future
expendi tures contained in the General Fund's T en-Year Plan or other purposes as approved by the City Council.
A key responsibility of city govermmmt is to manage resources as efficiently and effectively as possible. To
assist in managing the resources of the: General Fund and the General Debt SeI v ice Pond Contingency Reserve
Fund effectively and efficiently there may be times when it would be beneficial to make transfers between these
two funds. In these instances there would be no net impact to the City's budget or Ten-Year Plan.
PURPOSE
To allow City staff to manage City resources in the most efficient and effective way, the following policy would
authorize the Finance Officer, with the City Manager's approval, to make transfers between the General Fund
and the General Debt Sel vice fund Contingency Reserve Fund.
POLICY
It is the policy of the City Council of the City of Redding to authorize the Finance Officer, with the City
Manager's approval, to administratively make transfers between the General Fund and the Genelal Debt SeI v ice
Ftmd Contingency Reserve Fund. The following conditions shall be met for all administrative transfers
between these funds:
1. Transfers shall only be for purposes previously approved by the City Council in the General Fund's Ten-Year
Plan or other purposes as approved by the City Council.
2. There shall be no net effect on the General Fund's Ten-Year Plan or the City's overall budget.
3. There shall be no net change in appropriations.
PROCEDURE
Transfers such as those described above shall be approved in the same manner as Appropriation Transfer
Requests (reference Council Policy 401).
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