HomeMy Public PortalAboutResolution 2018-35, Allocating Unallocated General Fund Balance To Specified Capital Project, NOT PASSED STILL ON TABLE, NOVEMBER 2018 RESOLUTION NO. 2018-3 5
A RESOLUTION ALLOCATING THE UNALLOCATED
GENERAL FUND BALANCE TO SPECIFIED CAPITAL PROJECT,
CAPITAL EQUIPMENT OR RESERVE USES AS SET FORTH
IN THE MAYOR'S FUND BALANCE MEMORANDUM
DATED SEPTEMBER 27,2018
WHEREAS,the Mayor and Council member Channon met with the City Clerk/Treasurer and
City Administrator on September 26, 2018 to discuss the scope of funds available for capital
improvements projects; and,
WHEREAS,upon review of funds available and historical trends of City cash flow, determined
that it would be prudent and appropriate to set aside unallocated general funds as identified capital
project, capital equipment, or general fund emergency reserves; and,
WHEREAS,the Council desires to make the best use of its fiscal resources in a prudent manner
in the best interest of its constituents.
NOW THEREFORE, BE IT RESOLVED,BY THE CITY COUNCIL OF THE CITY OF
RIVERDALE, SCOTT COUNTY, IN THE STATE OF IOWA:
SECTION I: That the Mayor's memorandum to the City Council of September 27, 2018, entitled
"Summary of Fund Balance Surplus Analysis and Proposed Uses of Those Funds During This Fiscal Year
(FY '19)" is instructive to this resolution and is made a part hereof.
SECTION II: That the City Council does recognize there is community benefit to determining
the maximum value for utilization of funds for an operational contingency reserve, a facilities repair
reserve,an information technology system investment, an SCBA fire equipment investment match, an
invasive plant reserve, and road construction/repair project reserve.
SECTION III: That the City Council hereby directs the City Clerk/Treasurer to create said
reserve funds and allocate moneys to be transferred from its unallocated general fund reserves to said
reserve funds as set forth in the aforesaid Mayor's memorandum of September 27,2018.
PASSED AND APPROVED this day of , 2018.
Michael Bawden,Mayor
ATTEST:
Ronald Fullerlove, City Clerk
Prepared by City Administrator Tim Long October 4, 2018