2001/07/24 City Council Resolution (8)RESOLUTION NO. 2001 -159
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF ROHNERT PARK
ADOPTING
FINANCIAL POLICIES FOR CITY RESERVES
WHEREAS, the City Council of the City of Rohnert Park recognizes the need to
establish sound reserves to maintain a prudent level of financial resources to protect against the
need to reduce service levels or raise taxes and fees due to temporary shortfalls or unpredicted
one -time expenditures; and
WHEREAS, the City desires to establish, dedicate, and maintain Reserves to meet
known and estimated future obligations; and
WHEREAS, the City desires to maintain the following specific Reserve accounts:
1. General Fund Reserve a minimum of 10% of General Fund expenditures
2. General Fund Endowment Reserve. All proceeds from surplus lands will be
deposited into an interest bearing account and the principle will not be spent
3. Property and Liability Reserves per actuarial recommendations
4. Worker's Compensation Reserves per actuarial recommendations
5. Retired Employee Health Insurance Reserves per actuarial recommendations
6. Reserve for the Development of Additional Recreational Facilities
7. Reserve for Retirement Costs for Safety and Miscellaneous Employees to
prevent a fluctuation in the PERS rates that would adversely impact the City's
budget.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Rohnert
Park directs the City Manager or his designee(s) to develop the parameters, terms and
conditions, timing and notification of changes in Reserve, and identification of what the money is
projected to be used for, for the implementation of each Reserve account.
DULY AND REGULARLY ADOPTED this 24`h day of July, 2001.
CITY OF ROHNERT PARK -- CITY
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FLORES: AYE REILLY: AYE SPIRO: AYE VIDAK- MARTINEZ: AYE MACKENZIE: AYE
AYES: (5) NOES: (0) ABSENT: (0) ABSTAIN: (0)