PREPARED BY: ARTURO CASTILLO DATE OF MEETING: 01/21/2025
SUBJECT:
TITLE
CONSIDER ADOPTING RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN PABLO AMENDING THE FISCAL RESILIENCY RESERVE POLICY (LAST REVISED ON APRIL 15, 2024) FORMALLY ESTABLISHING THREE (3) NEW RESERVE FUNDS (FUND 103, 104, 105), AND MAINTAINING TWO (2) INTERNAL SERVICE FUNDS (130, 140) FOR FISCAL YEAR 2024-25 WITH A ONE-TIME APPROPRIATION FROM UNASSIGNED FUND BALANCE FOR FISCAL YEAR 2024-25, EFFECTIVE JANUARY 21, 2025
CEQA: This proposed action is not a project as defined by CEQA.
Label
CITY MANAGER RECOMMENDATION
Recommendation
Adopt Resolution
BODY
Council Priority Workplan
Policy No. No.414. New Strategic Budget Initiatives to address new Structural Deficits Forecasted for FY 2025-2027 period; (6) Re-tool & revise adopted fiscal resiliency policy requirements to reverse forecasted structural deficits as one-time balancing measures (for FY 2025-2027 period only) are adopted policy items under the FY 2023-25 City Council Priority Workplan, effective May 1, 2023.
CEQA Compliance Statement
This proposed action is not a project as defined by CEQA.
BACKGROUND
On October 21, 2013, in order to protect the fiscal solvency of the City and to achieve greater fiscal resiliency, the City Council took the important step of establishing the Fiscal Resiliency Reserve Policy, Resolution 2013-159, and established several new reserves and funded each at the recommended levels.
First Amendment - Casino Revenue Sustainability Reserve (Fund 180)
On June 20, 2016, the Fiscal Resiliency Reserve Policy (FRRP) was first amended by the City Council, Resolution 2016-218, and formally established the Casino Revenue Sustainability Reserve (Fund: 180). The purpose of the reserve is to mitigate against the potential impact that a sudden shutdown or loss of casino revenue would have on the City's ability to maintain current operations and service levels. All deposits and withdrawals from the fund are discr...
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