HomeMy WebLinkAboutReso - CC - 125-2002RESOLUTION NO. 125-2002
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME AMENDING
THE RESERVE FUNDS AND REVISING THEIR FUNDING AND USAGE
RESOLVED, by the City Council of the City of Burlingame:
WHEREAS, on June 18, 2001, the City Council adopted Resolution No. 57-2001,
establishing internal and reserve funds and the general policies governing their funding and usage;
and
WHEREAS, as part of the implementation of the 2002-2003 adopted budget and to meet
the contingencies expected in the coming year, it is necessary to restructure the General Reserve
Fund and divide into two Reserve Funds, the Catastrophic Events Reserve and the Economic
Stability Reserve and to properly assign funding to each fund; and
WHEREAS, $325,000 must be transferred from the PERS Retirement Contribution Reserve
Fund to fund the Police Safety retirement costs for this year; and
WHEREAS, the economic circumstances of the City requires the transfer of all monies in
the Employee Recognition Program Reserve to the General Fund,
NOW, THEREFORE, IT IS RESOLVED AND ORDERED:
1. The two new reserve funds described in Exhibit A are approved and the General Reserve
is abolished.
2. The following funding levels are established for the reserve funds for the 2002-2003
fiscal year:
PERS Retirement Contribution Reserve: $3,300,000
Catastrophic Events Reserve: $2,000,000
Economic Stability Reserve: $2,000,000
Contingency Reserve: $ 500,000
Employee Recognition Program Reserve: $ 0
I, ANN T. MUSSO, City Clerk of the City of Burlingame, do hereby certify that the foregoing
resolution was introduced at a regular meeting of the City Council held on the 2nd day of
December, 2002 _ _, and was adopted thereafter by the following vote:
AYES: COUNCII,MENIBERS: BAYLOCK, COFFEY, GALLIGAN, JANNEY, O'MAHONY
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
CITY YERK
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RESERVE FUNDS
A. PERS Retirement Contribution Reserve
This reserve may be adjusted from time to time based on PERS actuarial estimates and may be used
to fund appropriation increases necessary to pay PERS employer costs.
B. Catastrophic Events Reserve
A designated general reserve to set aside funds for extraordinary emergencies, such as disasters or
wars, that either extend over a period of time or that are catastrophic.
C. Economic Stability Reserve
A designated general reserve to set aside funds for the fluctuations in revenues and expenditures
caused by economic turbulence or uncertainty.
D. Contingency Reserve
A designated reserve for unbudgeted contingencies.
E. Performance Recognition Program Reserve
A designated reserve equal to 5% of total salaries to fund performance recognition programs for City
employees.
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