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
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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