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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