HomeMy WebLinkAboutAgenda Report - June 17, 1981 (36)Continued June
17, 1981
RESOLUTION RE
Assistant -City Manager Jerry Glenn apprised the
APPROPRIATION
Council that due to expenditure underruns and
.� OF OPERATING
revenue overruns, the City will have a year-end
RESERVE FUND
balance of $793,805. These funds are included
in the budget presented to Council at the
RES. NO. 81-77
May 20, 1981 regular meeting, to be used to fund
next year's operations. In order to properly
account for thrse monies, it is sound policy to
appropriate these funds into an emergency opera- °
ting reserve. This will take care of year-end
uncertainties and comply with Proposition 4 which
permits reasonable and proper reserves.
On motion of Councilman Hughes, Katnich second,.
Council adopted Resolution No. 81-77 - Resolution
for the appropriations of Funds to Operating
Reserves.
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RESOLUTION NO. 81-77
RESOLUTION PROVIDING FOR THE APPROPRIATION OF
THE CITY OF LODI'S GENERAL FUND BALANCE OF
FUNDS ON JUNE 30, 1981 TO AN EMERGENCY
OPERATING RESERVE
RESOLVED, by the City Council of the City of Lodi that
in acknowledgement of the provision of Proposition 4 that
revenue from proceeds of taxes may be appropriated to reasonable
and proper reserves, and that any such unappropriated amounts
or accounted for in the City's General Fund balance does
authorize and direct the appropriation of the City's June 30,
1981 General Fund balance, estimated to be $793,805.00, more
or less, town Emergency Operating Reserve account. That said
account is to be used either all or in part to fund the expendi-
tures of future General Fund budgets, with said reserve account
to be adjusted to the correct total of the General Fund balance
after books are closed.
Dated: June 17, 1981
I hereby certify that Resolution No. 81-77 was passed
and adopted by the City Council of the City of Lodi
in a regular meeting held June 17, 1981 by the follow—
ing vote:
Ayes: Councilmen - Hughes, Katnich and McCarty
Noes: Councilmen - None
Absent: Councilmen - Murphy and Pinkerton
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RE CHE R
City Clerk
81-77
QUN * COMMUNIUAT
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1
Due to expenditure underruns and revenue overruns, the City
will have a year-end balance of $793,845. These funds are
included in the budget given. to Council at the last meeting,
to be used to fund next year's operations.
In order to properly aommt for these monies, it is sound
policy to date these funds into an emergency operating
reserve. This will take care of year -encs uncertainties and
comply with Proposition 4 which permits reasonable and proper
reserves.
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