HomeMy WebLinkAboutResolutions - No. 2023-154RESOLUTION NO. 2023-154
A RESOLUTION OF THE LODI CITY COUNCIL APPROVING
ALLOCATION OF FISCAL YEAR 2021/22 GENERAL FUND BALANCE
IN EXCESS OF RESERVE REQUIREMENT TO VARIOUS PROJECTS
WHEREAS, longstanding City Council adopted policy requires fund balance reserves in
the General Fund equal to 16% of regularly recurring and repeating revenue in any given year;
and
WHEREAS, in 2017 the City Council adopted a Pension Stabilization Policy (PSP) that
required General Fund balance in excess of the 16% reserve requirement to be invested to
address the City's unfunded pension liabilities with other operating funds investing a proportionate
share; and
WHEREAS, Fiscal Year 2021/22 (FY 2021/22) ended with $7,160,260 in excess of the
General Fund reserve requirement (one time funds) that have yet to be invested towards the
City's pension liabilities; and
WHEREAS, City Council adopted a revised PSP on June 7, 2023, and temporarily
suspended the PSP to consider allocation of Fiscal Year 2021/22 one time funds; and
WHEREAS, City staff developed a list of projects for consideration of one time funds; and
WHEREAS, the staff project list was not comprehensive of the City's full scope of deferred
maintenance or potential projects for enhancements, but it represented high-priority projects that
continue to invest in pensions, preserve City assets, and leverage timely opportunities and
partnerships while addressing the City Council Strategic Vision.
NOW, THEREFORE BE IT RESOLVED that the Lodi City Council does hereby:
1.) Approve the allocation of the Fiscal Year 2021/22 General Fund Balance in excess of the
General Fund reserve requirement to various projects as outlined below and reinstate the
Pension Stabilization Policy adopted on June 7, 2023 to apply in future years.
Allocation of Fiscal Year 2021/22 General Fund Balance in Excess of Reserve Requirement
Use of Funds
Amount
Strategic Vision Milestone
Pension Stabilization Fund PARS Investment
$539,672
3.E
Extraordinary Litigation Costs
$250.000
3.All
Hutchins Street Square Roof Phase II
$2,500,000
5.0/6.0
Lodi Lake North Restroom Fire Damage Repair
$283,000
5.C/6.B
Lodi Lake Fire Mitigation and Tree Maintenance
and General Park Cleanup*
$250,000
5.C/5.B
Economic Development Strategic Plan
$100,000
2.A
Downtown Specific Plan
$750,000
1.All
Salas Park — Sports Lighting Phase II **
Downtown Business Alliance Aesthetic
Improvements
$500,000
6.0
$100,000
1.F/8.B
White Slough Training Facility
$1,14 588
7.B/2.D
New Concrete Skate Park Design at Kofu Park
$175,000
6.0
Skate Park Construction (contingent upon
securing additional funding)
$570,000
6.0
TOTAL
$7,160,260
* Funding is prioritized for Lodi Lake Nature Area Fire Mitigation and Tree Maintenance with remainder
to cover general Lodi Lake cleanup.
* Additional funding is needed from the anticipated savings from the Animal Shelter Bond proceeds to
fully fund this project.
2.) Commit to allocating the first $500,000 in savings from the Animal Shelter Bond proceeds,
should they be realized in an amount equal to or greater than $500,000, towards fully
funding the Salas Park — Sports Lighting Phase II project.
3.) Authorize the City Manager to make any necessary budget adjustments to allocate any
savings from the projects funded on this list up to $50,000, to funding security cameras
at Tokay Street and Central Avenue and Tokay Street and Stockton Street.
4.) Direct the City Manager to bring a report on the status of the projects in this list and any
remaining funds to the City Council with the Fiscal Year 2024/25 budget
recommendation.
Dated: July 19, 2023
I hereby certify that Resolution No. 2023-154 was passed and adopted by the City Council
of the City of Lodi in a regular meeting held July 19, 2023 by the following vote:
AYES. COUNCIL MEMBERS — Bregman, Craig, Nakanishi, Yepez, and
Mayor Hothi
NOES: COUNCIL MEMBERS — None
ABSENT: COUNCIL MEMBERS — None
ABSTAIN: COUNCIL MEMBERS — None
OLIVIA NASHED
City Clerk
2023-154