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HomeMy WebLinkAboutReso - CC - 073-2019RESOLUTION NO. 73-2019 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME ADOPTING OPERATING AND CAPITAL IMPROVEMENT BUDGETS FOR THE CITY OF BURLINGAME FOR FISCAL YEAR 2019-20 AND AUTHORIZING THE FINANCE DIRECTOR/TREASURER TO ASSIGN USES TO FUND BALANCE AMOUNTS IN COMPLIANCE WITH STATEMENT 54 OF THE GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) WHEREAS, each year, the City of Burlingame prepares an annual budget that details the City's planned expenditures in light of its expected revenues; and WHEREAS, the City Council has received the initial budget from the City Manager, conducted a public study session on May 8, 2019, and conducted a public hearing on June 17, 2019, and the Council has received and considered all testimony and documentation submitted in connection with the proposed budget; and WHEREAS, GASB 54 requires governmental fund balances to be reported using five categories, which take into consideration the makeup and intended use of the various fund balances. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BURLINGAME RESOLVES AND ORDERS AS FOLLOWS: 1. The City of Burlingame operating and capital improvement budget requirements for the coming year as detailed in the copy of the Budget on file in the Office of the City Clerk, are approved and adopted for the 2019-20 fiscal year. 2. The City of Burlingame budget total is $121,117,311 and consists of the following: a) General Fund: $60,256,936 b) Capital Projects: 25,845,000 c) Water Enterprise: 14,899,877 d) Sewer Enterprise: 10,983,975 e) Parking Enterprise: 760,753 f) Building Enterprise: 2,274,729 g) Solid Waste Enterprise: 793,095 h) Landfill Post Closure 251,813 h) Financing Authority: 4,777,302 i) All other Funds: 273,831 3. The City Council provides the Finance Director/Treasurer the authority to assign uses to fund balance amounts in compliance with Statement 54 of the Governmental Accounting Standards Board (GASB). (bltm d(JL� Donna Colson, Mayor I, Meaghan Hassel -Shearer, City Clerk of the City of Burlingame, certify that the foregoing Resolution was introduced at a regular meeting of the Burlingame City Council held on the 17th day of June, 2019, and was adopted thereafter by the following vote: AYES: Councilmembers: BEACH, BROWNRIGG, COLSON, KEIGHRAN, ORTIZ NOES: Councilmembers: NONE ABSENT: Councilmembers: NONE vr eagh Hassel -Shearer, City Clerk