PREPARED BY: MATT RODRIGUEZ DATE OF MEETING: 04/15/2024
SUBJECT:
TITLE
CONSIDER ADOPTION OF RESOLUTION AMENDING THE FISCAL RESILIENCY RESERVE POLICY (LAST REVISED ON JUNE 20, 2016) BY FORMALLY ESTABLISHING THREE (3) NEW INTERNAL SERVICE FUNDS (FUNDS: 130, 140 & 190) WITH A ONE-TIME APPROPRIATION FROM UNASSIGNED FUND BALANCE RESERVES FOR FY 2024-25 PERIOD ONLY, EFFECTIVE JULY 1, 2024
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 2015-17 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 (FRRP) adopted via Resolution No. 2013-159. This FRRP adopted by City Council Resolution established several new reserves and funded each at the recommended levels as part of the City's ongoing budget planning and development, as follows:
CITY OF SAN PABLO
FISCAL RESILIENCY RESERVE POLICY (FRRP)
(Adopted 10/21/2013 via Resolution No. 2013-159; Amended 06/20/2016 via Resolution No. 2016-218)
Catastrophic Reserve (Fund: 150)
50% of total Adopted GF Operating Funds
Budget Stabilization Reserve (Fund: 170)
5% of total Adopted GF Operating Funds
City Manager Contingency Account (Fund: 190)*
1% of total Adopted GF Operating Funds
General Fund Designated Reserves (Fund: 100)**
Allocated on an annual basis
Future Capital Proj...
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