HomeMy WebLinkAboutResolutions - No. 2010-85RESOLUTION NO. 2010-85
A RESOLUTION OF THE LODI CITY COUNCIL
APPROVING THE TRANSFER OF FUNDS FROM THE
GENERAL FUND TO THE CAPITAL OUTLAY FUND
WHEREAS, the City has received funding in the amount of $504,000 from the
sale of a conservation easement; and
WHEREAS, the above funding has been deposited into the General Fund; and
WHEREAS, the City desires to use a portion of the above funding to replenish
General Fund unreserved fund balance to the level estimated in the original budget
adoption of $3,831,962; and
WHEREAS, the City desires to use any residual balance of the above funding to
address deferred capital maintenance needs.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Lodi
that the City Manager is authorized to adjust the Fiscal Year 2009/10 budget to:
Use one-time funding from the sale of the conservation easement to
replenish General Fund unrestricted fund balance to a level of $3,831,962;
and
2. Once the funding threshold of $3,831,962 is reached, transfer up to $504,000
from the General Fund to the Capital Outlay Fund.
Dated: June 2, 2010
hereby certify that Resolution No. 2010-85 as passed and adopted by the City
Council of the City of Lodi in a regular meeting held June 2, 2010, by the following votes:
AYES: COUNCIL MEMBERS— Hitchcock, Hansen, Johnson, Mounce,
and Mayor Katzakian
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — None
ABSTAIN: COUNCIL MEMBERS — NcR6"�
L
City Clerk
2010-85