HomeMy WebLinkAboutReso 2003-164 - Transfer of FundsRESOLUTION NO. 2003-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDDING ESTABLISHING CITY COUNCIL POLICY FOR
TRANSFER OF~ FUNDS FROM GENERAL FUND TO A DEBT
SERVICE FUND.
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 fmancial plans to assist the City with
this key responsibility; and
WHEREAS, City staffhas recommended the creation of a separate fund for the unfunded debt service
contained in the General Fund's Ten Year Plan ("General Debt Service Fund"); and
WHEREAS, the segregation of such funds into the General Debt Service 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 General Debt Service Fund would assure
maximum flexibility; and
WHEREAS, any transfers between the General Fund and the General Debt Service Fund would
require approval of the Finance Officer 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 a General
Debt Service Fund be established.
NOW, THEREFORE, IT IS FURTHER RESOLVED by the City Council of the City of Redding
that the Finance Officer, with the C, ity Manager's approval, is authorized to administratively make transfers
between the General Fund and the General Debt Service Fund as set forth in the attached City Council Policy
which is hereby adopted.
I HEREBY CERTIFY that the foregoing resolution was introduced, read, and adopted at a regular
meeting of the City Council on the21 s tday of October ., 2003, by the following vote:
AYES: COUNCIL MEMBERS: Kig~t,
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: Mathena
ABSTAIN: COUNCIL MEMBERS: None
Pohlmeyer, Stegall and Cibula
Attest:
Co- ni -Strohm4, r, Ci - Cter/
Form Approved:
Brad L. Fuller, City Attorney
'CITY OF REDD'I i IG, CALIFORNIA Council Policy
SUBJECT Resolution Policy Effective·
Number Number Date Page
Transfers Between Funds 423 10-21-03 1 of 1
Background
The City has established a General Debt Service Fund to segregate funds for future debt service
contained in the General Fund's Ten Year Plan. A key responsibility of city government is to
manage resources as efficiently and effectively as possible. To assist in managing the resources
of the General Fund and the General Debt Service 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, t° make
transfers between the General Fund and the General Debt Service 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 General Debt Service 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. -
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).
F-0091 - 7~93