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HomeMy WebLinkAboutReso - CC - 034-2018A RESOLUT]ON OF THE CITY COUNCIL OF THE CITY OF BURLINGAME APPROVING THE TRANSFER OF $2.3 MILLION FROM THE GENERAL FUND TO THE CAPITAL PROJECTS FUND - CAPITAL INVESTMENT RESERVE IN THE FISCAL YEAR 2017.18 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 $3.3 million surplus, higherthan anticipated in the budget for the fiscal year ended June 30, 2017; and WHEREAS, based on the City's mid-year fiscal analysis, General Fund Reserves have been fully funded in accordance with the General Fund Reserves Policy; and WHEREAS, the City's mid-year fiscal analysis reflects a poected unrestricted fund balance of approximately $12 million for the General Fund at the end of the 2017-'18 fiscal year; and WHEREAS, the Capital lnvestment Reserve in the Capital Projects Fund was established with the intent of providing funding for the City's capital assets; and WHEREAS, in recognition of the City's large backlog of facility needs, additional funding of the Capital lnvestment Reserve is appropriate. The Finance Director & Treasurer is authorized to amend the current Fiscal Year 2017 -18 Budget as outlined below: General Fund T ln (Out) Transfer to Capital Projects Fund - Capital lnvestment Reserve (from General Fund)(2,300,000) Transfer from General Fund (to Capital Projects Fund - Capital lnvestment Reserve)2,300,000 u+*1( Mayor l, MEAGAN 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 14th day of March, 2018 and was adopted thereafter by the following vote: RESOLUTTON NO. 034-2018 NOw' THEREFORE, THE CITY COUNGIL OF THE CITY OF BURLINGAi'E DOES HEREBY RESOLVE AND ORDER AS FOLLOWS: AYES: NOES: ABSENT: COUNCILMEMBERS: BEACH, BROWNRIGG, COLSON, KEIGHRAN, ORTIZ COUNCILMEMBERS: NONE COUNCILMEMBERS: NONE City Clerk