HomeMy WebLinkAboutReso - CC - 093-2021DocuSign Envelope ID: 1C44CDEC-AAB3-4F39-81ED-3A199FF1901A
RESOLUTION NO. 093-2021
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BURLINGAME APPROVING A
RESERVE POLICY FOR THE CITY'S GENERAL FUND
WHEREAS, the City of Burlingame wishes to support its goal of sustaining long-term
financial strength through the establishment of a clearly articulated reserve policy; and
WHEREAS, reserves are the comerstone of financial flexibility, providing options for
responding to unexpected issues and a buffer against economic downturns and other forms of
risk; and
WHEREAS, changes in reserves and the adequacy of reserve balances are an integral
part of the City's long-term fiscal strategies; and
WHEREAS, an in-depth discussion of the status of the City's reserves, in compliance with
GASB Statement 54 reporting, is included in the development and adoption of each fiscal year
budget; and
WHEREAS, the General Fund Reserve policy should be reviewed periodically to
safeguard its effectiveness and relevance to the City's long-term needs, and to ensure that the
policy remains current with government financial best practices.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BURLINGAME DOES
HEREBY RESOLVE AND ORDER AS FOLLOWS:
The General Fund Reserve Policy as revised for the City of Burlingame and shown on the
attached Exhibit A is hereby adopted.
a J�
Ann O'Brien Keighr , Mayor
I, Meaghan Hassel -Shearer, City Clerk, City Clerk of the City of Burlingame, hereby certify
that the foregoing Resolution was duly and regularly introduced and adopted at a regular meeting
of the Burlingame City Council held on the 61' day of July, 2021, by the following vote to wit:
AYES: Councilmembers: BEACH, BROWNRIGG, COLSON, OBRIEN KEIGHRAN, ORTIZ
NOES: Councilmembers: NONE
ABSENT: Councilmembers: NONE
DocSigned by:
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Meaghan Hassel -Shearer, City Clerk