HomeMy WebLinkAboutReso 68-24 Item 5.12 Authorizing a Special Designation of General Fund Committed Reserves for FiscalDocuSign Envelope ID: 08A7C8B5-8E87-412B-BB55-EE4704F75931
RESOLUTION NO. 68 — 24
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
AUTHORIZING A SPECIAL DESIGNATION OF GENERAL FUND COMMITTED RESERVES
FOR FISCAL YEAR 2023-24
WHEREAS, the City's Fund Balance and Reserves Policy requires special fund balance
allocations to be adopted by the City Council, and allows the City Council to take action prior to
the end of the fiscal year to direct a specific assignment of the fund balance; and
WHEREAS, Staff reviewed updated information regarding fund balance and estimated
one-time revenues during the preparation of the Fiscal Year 2024-25 Budget.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does
hereby make a special allocation of the estimated Fiscal Year 2023-24 year-end balance to the
Committed fund balance as follows:
• Increase the reserve for Downtown Public Improvement Reserve by $4,000,000
• Increase the reserve for Lease Revenue Bond Payoff by $1,000,000
BE IT FURTHER RESOLVED that, any net resources remaining after special designations,
and after meeting the Fund Balance and Reserves Policy requirements, will be left in the
Unassigned (Available) Reserve.
PASSED, APPROVED AND ADOPTED this 25th day of June 2024, by the following vote:
AYES: Councilmembers Hu, Josey, Qaadri and Mayor McCorriston
NOES:
ABSENT:
ABSTAIN:
ATTEST:
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City'der -
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Reso. No. 68-24, Item 5.12, Adopted 06/25/2024 Page 1 of 1