HomeMy Public PortalAboutResolution - 23-06- 20230222 - Fund TransfersRESOLUTION NO. 23-06
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT APPROVING
THE TRANSFER OF FUNDS FROM THE GENERAL FUND
UNASSIGNED FUND BALANCE INTO THE COMMITTED FOR
INFRASTRUCTURE RESERVE FUND, THE COMMITTED FOR
CAPITAL MAINTENANCE FUND, AND THE COMMITTED FOR
FUTURE ACQUISITION/CAPITAL PROJECTS FUND
WHEREAS, the Unassigned Fund Balance of the Midpeninsula Regional Open Space
District is $28,463,060 as of June 30, 2022; and
WHEREAS, per Board Policy 3.07, Fund Balance Policy, the minimum required
Unassigned Fund Balance of the Midpeninsula Regional Open Space District is 30% of the
Budgeted General Fund Tax Revenue, which is equivalent to $18,721,200 as of July 1, 2022,
leaving available unassigned funds in the amount of $9,841,860; and
WHEREAS, the General Manager recommends allocating unassigned funds from the
General Fund Unassigned Fund Balance in order to increase the Committed for Infrastructure
Reserve Fund for acquisition and/or construction of District facilities, including in the Coastal
Area, the Committed Fund for Future Acquisitions and Capital Projects for additional land
acquisitions and future capital projects, and the Committed Fund for Equipment Replacement for
the purchase and replacement of District vehicles and heavy equipment.
NOW, THEREFORE, the Board of Directors of the Midpeninsula Regional Open Space
District does resolve as follows:
SECTION ONE. The following transfers are approved, and the General Manager or
designee is authorized to implement said transfers as follows: $5,000,000 from the General Fund
Unassigned Fund Balance to the. Committed for Infrastructure Reserve Fund; $1.65 million from
the General Fund Unassigned Fund Balance to the Committed for Future Acquisitions and
Capital Projects, and $1,000,000 from the General Fund Unassigned Fund Balance to the
Committed for Equipment Replacement.
* * * * * * * * * * * * * * * * * * * *
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional
Open Space District on February 22, 2023, at a regular meeting thereof, by the following vote:
AYES: CYR, GLEASON, HOLMAN, KERSTEEN-TUCKER, KISHIMOTO, RIFFLE
NOES: NONE
ABSTAIN: NONE
ABSENT: MACNIVEN
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ATTEST:
Craig Gleason, Secretary
Board of Directors
APPROVED AS TO FORM:
Hilary Stev
n, General Counsel
APPROVED:
Kishimoto, President
f Directors
I, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify
that the above is a true and correct copy of a resolution duly adopted by the Board of Directors
of the Midpeninsula Regional Open Space District by the above vote at a meeting thereof duly
held and called on the above day.
94 cdt—e-l't—d 7"--;
Maria ia, District Clerk
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