HomeMy WebLinkAboutCC RES 12-106RESOLUTION NO. 12-106
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFORNIA, ESTABLISHING OF A GENERAL
FUND RESERVE POLICY AND SPECIAL FUND
ACCOUNTS
THE CITY COUNCIL OF THE CITY OF TUSTIN FINDS THAT:
WHEREAS, the City Council of the City of Tustin, California is charged with the
oversight of City funds; and
WHEREAS, it is the intention of the City Council of the City of Tustin, California,
to establish a General Fund Reserve Policy and Special Fund Accounts; and
WHEREAS, implementation of these policies will strengthen the City of Tustin's
financial sustainability for the future; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF TUSTIN THAT: the City Council of the City of Tustin does hereby approve the
establishment of a General Fund Reserve Policy and 3 new Special Fund Accounts
(summarized below) be adopted:
1. Maintain a 20% General Fund reserve policy with a provision that only with the City
Council declaring a financial emergency shall the reserves be lowered to fewer than
15%.
2. Establish the following Special Fund accounts:
a. Emergency Fund —Minimum $1 million
For use in a City Council declared emergency such as earthquake, flood and fire.
This fund would augment City operational cost until the City would seek
reimbursement from either the state or federal government.
b. Land Proceeds Fund
These funds would be derived from land sales primarily in the Tustin Legacy
Project; however, these funds could be from any City owned property. The funds
would be allocated to insure the infrastructure needs are met in the overall
development of the Tustin Legacy Plan and to support the implementation of key
elements of the City and Legacy project such as economic development
opportunities and development of parks and recreational facilities throughout the
City. Land proceeds from the Tustin Legacy Project area will be held in a
separate account within this fund. Those funds will be dedicated for use only in
the Legacy area, until such time that the City has secured adequate funds
necessary to develop the Tustin Legacy backbone infrastructure and
maintenance program. All other monies in this fund can be used throughout the
City of Tustin.
Resolution 12-106
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c. Special Capital Project Fund
The fund would provide for the financing of needed infrastructure where there is
currently no dedicated funding source such as water funds or transportation
funds. These General Fund expenditures would include: technology upgrades,
building construction/upgrades and park enhancements. It is recommended that
25% of any fiscal year General Fund surplus be dedicated to this fund.
PASSED AND ADOPTED by the City Council of the City of Tustin at a regular
meeting on the 6th day of November, 2012.
/N
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MIN NIELSEN,
Mayor
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Al A-1 &
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PAMELA STOKER,--
City Clerk
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
CITY OF TUSTIN
1, Pamela Stoker, City Clerk and ex-officio Clerk of the City Council of the City of Tustin,
California, do hereby certify that the whole number of the members of the City Council
of the City of Tustin is five; that the above and foregoing Resolution No. 12-106 was
duly passed and adopted at a regular meeting of the Tustin City Council, held on the 6th
day of November, 2012, by the following vote:
COUNCILMEMBERS AYES:
COUNCILMEMBERS NOES:
COUNCILMEMBERS ABSTAINED:
COUNCILMEMBERS ABSENT:
y"
(PAMELA STOKE-R;
City Clerk
Nielsen, Murr
None
None
None
Amante, Gavello, Gomez (5)
It
Resolution 12-106
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