HomeMy WebLinkAboutCity Council - 6600 RESOLUTION NO. 6600
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF HUNTINGTON BEACH CREATING A RESERVE
FOR ECONOMIC UNCERTAINTY
WHEREAS, the General Fund of the City of Huntington Beach has an unreserved,
undesignated fund balance in excess of$5,000,000; and
The City of Huntington Beach has an existing fiscal policy that requires a reserve of not
less than three percent of the General Fund's annual budget be maintained; and
The City Council wishes to adopt this resolution for the purpose of establishing a
"Reserve for Economic Uncertainties" Fund to implement such fiscal policy;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Huntington
Beach as follows:
1. There is hereby created a Reserve for Economic Uncertainty Fund which shall
be separate and apart from the General Fund, or
2. There is hereby transferred Five Million Dollars ($5,000,000) from the
Unreserved Undesignated General Fund Balance to the Reserve for Economic Uncertainty
Fund Balance. Such balance, or any greater or lesser amount as shall be designated by the
City Council from time to time, shall be maintained at all times, and any transfer or expenditure
pursuant to Section 4 shall be restored from available amounts in the General Fund.
3. That interest earnings of the monies within the Reserve for Economic
Uncertainty Fund shall be transferred to the General Fund every three months.
4. That any transfer or expenditure of funds from the Reserve for Economic
Uncertainty Fund, must be approved by the formal action of the City Council.
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PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on the 6t:h day of June , 1994.
Mayor
ATTE T:
APPROVED AS TO FORM:
City Clerk A-,-AL�
rl_y YCity Attorney
RE ED AND APPROVED:
ITI VED:
l
City Administrator
Director of d i istrative rvi
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6600
Res. No. 6600
STATE OF CALIFORNIA }
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH }
I, CONNIE BROCKWAY, the duly elected, qualified City Clerk of
the City of Huntington Beach, and ex-officio Clerk of the City Council of said
City, do hereby certify that the whole number of members of the City Council of
the City of Huntington Beach is seven; that the foregoing resolution was passed
and adopted by the affirmative vote of at least a majority of all the members of said
City Council at a regular meeting thereof held on the 6th of June, 1994, by the
following vote:
AYES: Councilmembers:
Moulton-Patterson, Winchell, Leipzig, Sullivan
NOES; Councilmembers:
None
ABSENT: Councilmembers:
Silva, Bauer, Robitaille
4wi A��A
City Clerk and ex-officio Clerk
of the City Council of the City
of Huntington Beach, California