HomeMy WebLinkAbout2010-18 Reserve Fund Intended Sources & Uses of Funds Repealed by 2020-09
RESOLUTION 2010-R
A RESOLUTION REITERATING THE NEED OF A RESERVE FUND AND THE
INTENDED SOURCES AND USES OF FUNDS ACCUMULATED THEREIN
RECITALS:
The City must annually adopt a budget that identifies resources,
requirements and reserves for the coming year. As part of the budget
process the Budget Committee reviews financial policies and provides
input on changes in financial condition and the need to use or increase
reserves held for general or specific purposes. In FY 2009-2010 a
Reserve Fund was established to help prepare for financial constraints.
Initial resources identified were a transfer from the Street Fund equal to
the amount of Water and Wastewater franchises paid to that fund in that
year. The City represented in the budget process that the funds would be
held in reserve until a future, annual budget process in which the Budget
Committee approved appropriating some or all of the reserve for use.
Other specific resources (revenue streams) and requirements
(operational, capital or emergency) were not identified. This resolution is
intended to provide clarification on these issues.
THE CITY OF ASHLAND RESOLVES AS FOLLOWS:
SECTION 1:
A. Resources to the Reserve Fund will be identified during the annual budget
process and may include the following as approved by the Budget Committee:
, 1. Specific revenue streams such as taxes, franchises, charges for
services, interest charges, etc.
2. During the year Council may elect to:
a. Transfer surpluses from another fund when its projected ending
fund balances reasonably exceeds the target amount for an
acceptable period.
b. Commit unanticipated resources ("windfalls") to be deposited to
the Reserve Fund when doing so is preferential to other uses.
B. Requirements of the Reserve Fund will be identified during the annual budget
process and may include the following as approved by the Budget Committee:
1. Appropriations to fund a capital improvement identified in the
coming fiscal year for which sufficient funding sources have not
been accumulated.
2. Appropriations to meet a financial obligation in the coming year that
an alternative revenue source has not been identified and
accepted;
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3. Appropriations to fund an important program or project in the
coming year that will be repaid by a dedicated revenue stream in
the subsequent year(s).
C. The unappropriated ending fund balance of the Reserve Fund identified in the
budget process is restricted from use. This amount cannot be transferred by
resolution or used through a supplemental budget, unless necessitated by a
qualifying emergency (ORS 294.371).
SECTION 2:
All references to an annual process for identifying resources and requirements
will change to a two-year cycle if the City transitions to a biennial budget.
SECTION 3:
This resolution takes effect upon signing by the Mayor.
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This resolution was duly PASSED and ADOPTED thisA day of June,.2010
arbara Christensen, City Recorder
SIGNED AND APPROVED this..lk day of June, 2010.
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