HomeMy WebLinkAboutReso - CC - 018-2016RESOLUTION NO.18-2016
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME
APPROVING THE TRANSFER OF $5 MILLION FROM THE GENERAL FUND TO
THE CAPITAL PROJECTS FUND — RENEWAL AND REPLACEMENT RESERVE IN
THE FISCAL YEAR 2015-16 BUDGET
WHEREAS, the City of Burlingame's General Fund Reserves Policy was developed to ensure
optimum reserve levels specific to the City and to provide options for responding to unexpected issues
and a buffer against economic downturns and other forms of risk; and
WHEREAS, the General Fund experienced a surplus $5.1 million higher than anticipated in
the budget for the fiscal year ended June 30, 2015; and
WHEREAS, based on the City's mid -year fiscal analysis the General Fund shows a projected
total fund balance of $31.7 million at the end of the 2015-16 fiscal year; and
WHEREAS, the Renewal and Replacement Reserve in the Capital Projects Fund was
established with the intent of providing funding for the replacement of City assets; and
WHEREAS, in recognition of the City's large backlog of facility needs, staff has recommended
that the Renewal and Replacement Reserve be funded by an additional $5 million,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BURLINGAME DOES HEREBY
RESOLVE AND ORDER AS FOLLOWS:
APPROVE and AUTHORIZE the Finance Director & Treasurer to amend the current Fiscal Year
2015-16 Budget as outlined below:
General Fund Transfers In (Out):
Transfer to Capital Projects Fund - Renewal and
Replacement Reserve (from General Fund) (5,000,000)
Transfer from General Fund (to Capital Projects
Fund — Renewal and Replacement Reserve) 5,000,000
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Mayor
I, MEAGHAN HASSEL-SHEARER, City Clerk of the City of Burlingame, do hereby certify that the
foregoing Resolution was adopted at a special meeting of the City Council held on the 16th day of
March, 2016 and was adopted thereafter by the following vote:
AYES: COUNCILMEMBERS: BEACH, BROWNRIGG, COLSON, KEIGHRAN, ORTIZ
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
City Clerk