HomeMy WebLinkAboutCity Council - 2001-20 RESOLUTION NO. 2001-9 n
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF HUNTINGTON BEACH RESCINDING
RESOLUTION NO. 6600 AND RESOLUTION NO. 96-31
AND ABOLISHING THE RESERVE FOR
ECONOMIC UNCERTAINTY FUND
WHEREAS, on June 6, 1994,the City Council of the City of Huntington Beach adopted
Resolution No. 6600; and
Resolution No. 6600: (a) created that certain fund called the"Reserve for Economic
Uncertainty Fund,"which was to be separate and distinct from the City's General Fund; and (b)
transferred the sum of$5,000,000 from the Unreserved Undesignated General Fund to the
Reserve for Economic Uncertainty Fund; and
The need for the creation of this new fund was the result of the City's then existing fiscal
policies that required the maintenance of a reserve of not less than three percent(3%) of the
General Fund's annual budget; and
On April 15, 1996, the City Council adopted Resolution No. 96-31 which, for the reasons
therein stated, decreased the amount of monies in the Reserve for Economic Uncertainty Fund
from $5,000,000 to $3,000,000; and
Due to recent City Council approved changes to the City's fiscal policies, there is no
longer a need for the Reserve for Economic Uncertainty Fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Huntington
Beach as follows:
I. Resolution No. 6600, as well as Resolution No. 96-31, are each rescinded.
2. The Reserve for Economic Uncertainty Fund, created in 1994 by Resolution No.
6600, is hereby abolished.
t
RJW:Rescind 6600&96-31
RLS 2001-0207
Res. No. 2001-20
PASSED AND ADOPTED by the City Council of the City of Huntington Beach at a
regular meeting thereof held on the 7ti, T_day of May 2001.
Mayor
ATTEST: APPROVED AS TO FORM:
d3w . oa kol
City Clerk d;--}o-v} 0 City Attorney
REVIEWED AND APPROVED: INITIATED AND APPROVED:
City A ministrator Ci Administrator
2
RJW:Rescind 6600&96-31
RLS 2001-0267
Res. No. 2001-20
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 7th
day of May, 2001 by the following vote:
AYES: Green, Boardman, Cook, Julien Houchen, Garofalo, Dettloff,
Bauer
NOES: None
ABSENT: None
ABSTAIN: None
City Clerk and ex-officio derk of the
City Council of the City of
Huntington Beach, California