HomeMy WebLinkAboutResolutions - No. 2017-44RESOLUTION NO. 2017-44
A RESOLUTION OF THE LODI CITY COUNCIL AMENDING
THE CITY OF LODI FINANCIAL PLAN AND BUDGET FOR
THE FISCAL YEAR BEGINNING JULY 1, 2016 AND ENDING
JUNE 30, 2017
WHEREAS, the City Council adopted a Financial Plan and Budget for Fiscal Year
2016-17 on June 1, 2016; and
WHEREAS, the adopted 2016-17 Financial Plan and Budget was prepared in
accordance with the City Council's goals, budget assumptions, and policies; and
WHEREAS, revisions to the adopted 2016-17 Financial Plan and Budget are necessary
to address operating changes and expenditure estimates; and
WHEREAS,. Resolution No. 2016-190 established a pension stabilization trust to prefund
unfunded liability associated with the City's pension fund, additionally authorized the City
Manager to approve an appropriation adjustment for the General Fund contribution, and
directed staff to bring forth a plan for Enterprise Fund contributions along with mid -year
adjustments.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Lodi does
hereby revise the adopted 2016-17 Financial Plan and Budget as follows:
1. Approve a budget adjustment in Electric Utility to facilitate transferring funds from
operating to capital for $8,485,107.
2. Approve a budget adjustment in Water Utility to facilitate transferring funds from
operating to capital for $5,186,100.
3. Approve increasing appropriations in the Self Insurance Fund in the amount of
$942,380 for Worker's Compensation to provide funding for increased costs.
4. Approve increasing appropriations in the Benefits Fund in the amount of
$210,330 to provide funding for increased costs.
5. Approve funding the contributions of Enterprise Funds to the PERS Rate
Stabilization Fund as follows:
Fund
PERS Rate
Stabilization Fund
Communfty. 13evelo meat
67::562
Electric Utility
396,974
Libra
40L931
Parks Recreation & Cultural Seines.
_ 100,768
Streets
64,130
Tmnsit
Wastewater
158,656
Water
158,656
Dated: March 15, 2017
hereby certify that Resolution No. 2017-44 was passed and adopted by the City
Council of the City of Lodi in a regular meeting held March 15, 2017, by the following votes:
AYES: COUNCIL MEMBERS — Chandler, Johnson, Nakanishi, and Mayor Kuehne
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — Mounce
ABSTAIN: COUNCIL MEMBERS — None
NIFER . FERRAIOLO
City Clerk
2017-44