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10B Action 2011 1107
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10B Action 2011 1107
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Last modified
11/14/2011 4:45:54 PM
Creation date
11/1/2011 5:04:49 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
11/7/2011
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_CC Agenda 2011 1107
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\City Clerk\City Council\Agenda Packets\2011\Packet 2011 1107
Reso 2011-189
(Reference)
Path:
\City Clerk\City Council\Resolutions\2011
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File Number: 11 -327 <br />The City Council initially established a philosophy for financial reserve funds over twenty <br />years ago. In 1989 -90, the City Council adopted a series of financial values that were <br />utilized to develop the budget. The Financial Goals Statement identifies and formalizes the <br />financial principles by which the organization is guided. The Statement provides direction for <br />preparing annual budget strategies and budgets and for conducting the day -to -day and <br />long -term municipal affairs. <br />Related to Fund Balance Designations and Reserves Management, the Financial Goals <br />Statement spells out the following: <br />C. Fund Balance Designations and Reserves Management <br />1. The City will maintain fund or working capital balances of at least 20% of operating <br />expenditures in the General Fund and Enterprise Funds. This is considered the <br />minimum level necessary to maintain the City's credit worthiness and to <br />adequately provide for- <br />(i) Economic uncertainties, local disasters, and other financial hardships or <br />downturns in the local or national economy. <br />(ii) Contingencies for unseen operating or capital needs. <br />(iii) Cash flow requirements. <br />Q611911M1[a]0I <br />The General Fund finances the operations of the City that have no special or dedicated <br />revenue sources and pays for all basic municipal operations. The General Fund reserve, <br />based on City Council direction, sets aside savings for economic uncertainty, emergencies, <br />and other future contingency. Reserves allow for the designation of funds received for the <br />Kaiser Hospital development, Street Improvement Funds and Community Impact Fund, <br />Plaza loan repayment, and Other Designations (including equipment acquisitions and <br />encumbrances) on the worksheet. <br />Together, the Major Emergencies and Economic Uncertainty designations reflect the <br />General Fund reserves set aside for future unplanned contingencies. The amount of the <br />Major Emergencies reserve has remained unchanged during the recent years of depressed <br />economics. The reserve has remained at $5,000,000 since 2007 -08. The Economic <br />Uncertainty reserve, at $10,033,000 in 2007 -08, has since been partially utilized for <br />operations over the past several years. The balance in the Economic Uncertainty is <br />$3,796,500. This amount reflects the June 30, 2011 unaudited balance and the 2011 -12 <br />budget was approved without any further draw -down of the reserve. <br />The Major Emergencies and the Economic Uncertainty reserves totaled $15,033,000 in <br />2007 -08, about 19% of the General Fund operating expenditures ($77,397,000). The <br />percentage has declined over the past several years and was recorded at 13% as of June <br />City of San Leandro Page 2 Printed on 11/1/2011 <br />
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