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Resolutions: 827

Resolution Number

827 

Resolution Subject

Revising certain fiscal policies relating to the City's Contingency Reserve Policy

Date Adopted

2/21/2017 

Repealed By

 

Amended By

 

Resolution

RESOLUTION NO. 827

 

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UNIVERSITY PLACE, WASHINGTON, REVISING CERTAIN FISCAL POLICIES RELATING TO THE CITY’S CONTINGENCY RESERVE POLICY

 

           

            WHEREAS, the City adopted certain fiscal policies which set goals relating to contingency reserve which, after the passage of time, and with changes in the City’s financial circumstances require revision.

 

            NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY PLACE, WASHINGTON, AS FOLLOWS:

 

            Section 1.   Contingency Reserve.  The City’s Contingency Reserve Policy, which appears in the City’s biennial budget document, is revised to read as follows:

 

            As a part of the City Budget, the City Council should appropriate a Contingency Reserve to provide monies with which to meet any municipal expense, the necessity or extent of which could not have been foreseen or reasonably evaluated at the time of adopting the annual budget, or from which to provide monies for emergencies as defined by law.  The goal for funding of the Contingency Reserve is to maintain a minimum available reserve of one percent (1%) of the General Fund (including Parks, Development Services, and Police) and Street Fund Operating Expenditures.

 

Section 2.   Effective Date.  This Resolution shall be effective immediately upon adoption by the City Council.

 

ADOPTED BY THE CITY COUNCIL ON FEBRUARY 21, 2017.

 

 

 

 

                                                                                    _____________________________________
Javier H. Figueroa, Mayor

 

 

 

ATTEST:

 

 

_________________________________

Emelita Genetia, City Clerk

 

 

 

APPROVED AS TO FORM:

 

 

_________________________________

Steve Victor, City Attorney

 

Council Minutes

Regular Council Meeting Minutes-20170221-0020 

ResolutionID

Resolution:827-19020406-827 
Attachments
Content Type: Resolution
Created at 2/22/2017 7:45 AM  by Emelita Genetia 
Last modified at 3/7/2017 12:44 AM  by Emelita Genetia