HomeMy WebLinkAboutAgenda Report - June 17, 1987 (73)) N CII. CQIIIIIJI N IC TIV
TO THE CITY 'COUNCIL ( SATE Tune- 17, 19S_/NO.
t
F"'O,V TD-iF CITY MANAGER'S OFFICE j J
YEAR -r -.NTD TRA.N.SrER AND if PROPRT T, TON TO OPF_RAT1NG RESERUS
RECOMMENDED ACTION: That the Lodi City Council approve the transfer
of 300,000 from the General Fund to the ''later Utility Fund and also
approve the appropriation of $800,000 from the General Fund to the
General Fund Operating Reserve.
BACKGROUND INFORMATION: A review of the 1986-87 fiscal year
estimated revenues and appropriations for the General Fund indicates we
should end the year with approximately $1,100,000 in additional
revenues. By transferring $800,000 of this to the General Fund
Operating Reserve, we woold~therety—Inc � s�� tha* �pserv,, LLamoarnt_ � an .
amount equal to two month's operating expenses for 1987-88. This is a
prudent amount to be set aside for any major calamity or disaster that
may occur. A transfer of $300,000 to the hater Utility Operating Fund
is recommended to place it on a more sound cash basis.
Robert H. Holm
Finance Director
RHH/ss
attachment
RESOLUTION NO. 87-66
RESOLUTION AUTHORIZING TRANSFER AND
APPROPRIATION OF FUNDS
SECTION I
BE IT RESOLVED that the City Council of the City of Lodi does hereby
direct that the following transfer of money be made:
Amount From To
$300,000 General Fund mater Utility Fund
SECTION I1
BE IT RESOLVED that the City Council of the City of Lodi does hereby
direct that the following appropriation of money be made:
Amount From To
$800,000 General Fund General Fund
Operating Reserve
Dated: June 17, 1987
I hereby certify that Resolution No. 87 -
was passed and adopted by the City Council
of the City of Lodi in a regular meeting
held June 17, 1987, by the following vote:
Ayes: Council MEmbers - Hinchman, Pinkerton, Reid,
Snider, and Olson (Mayor)
Noes: Council Members - None
Absent: Council Members - None
G
Alice M. Reimche
City Clerk