HomeMy WebLinkAboutResolutions - No. 2022-105RESOLUTION NO. 2022-105
A RESOLUTION OF THE LODI CITY COUNCIL APPROVING THE USE
OF ONE TIME GENERAL FUND SURPLUS FUNDS ACCRUED AS A
RESULT OF CONSERVATIVE PANDEMIC BUDGETING, STRONG
ECONOMIC ACTIVITY, AND FEDERAL REIMBURSEMENTS FOR
PANDEMIC RELATED SPENDING; AND FURTHER APPROPRIATING
FUNDS ($700,000)
WHEREAS, the City Council has taken significant action to improve the City's
financial position through enacting sound financial policy, addressing long term liabilities,
limiting spending, and built substantial reserves; and
WHEREAS, as a result of these forward thinking financial decisions, the City of
Lodi was able to enter the COVID-19 pandemic in a sound financial position and approach
budgeting cautiously without drastic cutbacks; and
WHEREAS, even without substantial cuts, the City did freeze positions and reduce
spending on general operations during the pandemic; and
WHEREAS, despite public health restrictions on economic activity, the City's
revenues continued to increase during the pandemic at a rate that exceeded pre -
pandemic estimates; and
WHEREAS, the City was able to fund pandemic related public health and safety
measures, including those to protect employees and minimize the spread of COVID-19 to
vulnerable populations through meal delivery (Great Plates Delivered program) out of
general revenue that otherwise would have been available for programming; and
WHEREAS, the federal government has reimbursed the City in full for all pandemic
related spending at 100%; and
WHEREAS, the City Treasurer is required by the City Council adopted Pension
Stabilization Policy to invest reserves in excess of 16% of General Fund revenues to be
invested in a Pension Stabilization Fund to be used to help offset future Unfunded Accrued
Liability (UAL) payments to CalPERS or to buy down the City's UAL; and
WHEREAS, given the historic nature of the pandemic reimbursements, the amount
available in excess of 16% far exceeded expectations; and
WHEREAS, the Treasurer has calculated the Fiscal Year 2020-21 year end fund
balance and fund balance requirement net of all pandemic related spending and
reimbursements and invested the $1,669,145 in excess of 16% using this calculation into
the PSF already, bringing the PSF balance to over $23 million; and
WHEREAS, the pandemic related reimbursements that still remain in the General
Fund balance total $10,280,000 and per policy, the Treasurer is required to invest those
funds in the PSF; and
WHEREAS, the one-time resources available present a unique opportunity for City
Council to address substantial community needs in addition to the continued focus on long
term liabilities and stay in compliance with the City's fund balance reserve policy; and
WHEREAS, $9,980,000 of this funding was allocated by separate Council
resolution.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Lodi
approves the use of one time General Fund surplus funds and appropriates funds in the
amount of $700,000 for the Access Center Safety/Security for approximately 2.5 years;
and
BE IT FURTHER RESOLVED that the Lodi City Council does hereby authorize the
appropriations and expenditures authorized in this resolution to be carried forward into
subsequent fiscal years until fully spent.
Dated: April 20, 2022
I hereby certify that Resolution No. 2022-105 was passed and adopted by the City
Council of the City of Lodi in a regular meeting held April 20, 2022 by the following vote:
AYES: COUNCIL MEMBERS — Hothi, Khan, Kuehne, and Nakanishi
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — Mayor Chandler
ABSTAIN: COUNCIL MEMBERS — None
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OLIVIA NASHED
City Clerk
2022-105