HomeMy WebLinkAboutReso 126-93 DubCemetery FundsRESOLUTION NO. 126 - 93
IRE SOLUTION OF ~HECI~Y COUNCIL
OF W HE CITy OF DUBLIN
ANENDING RESOLUTION NO. 80 - 93 AND DESIGNATING A SPECIAL RESERVE FOR
THE MANAGEMENT AND ACCOUNTING OF CEMETERY ENDOWMENT FUNDS TRANSFERREDTO
THE CITY OF DUBLIN BY DUBLIN CEMETERY, INC.
WHEREAS, as part of the Dublin Heritage Center Acquisition Project
the City acquired property owned by Dublin Cemetery, Inc.; and
WHEREAS, the Cemetery corporation had accrued funds over the years
which were designated as an endowment; and
WHEREAS, the purpose of the endowment was to assure a principal
amount of money which could generate interest income; and
WHEREAS, the income could be used to offset costs associated with
the ongoing maintenance of the Cemetery grounds; and
WHEREAS, it is appropriate for the City Council to clearly
establish policies which will assure that these monies continue to be
used for the original intended use; and
WHEREAS, the City Council has adopted Resolution 80-93 which
designates how City General Fund Reserves are to be treated; and
WHEREAS, the City Council considers it appropriate to designate a
special reserve for any Cemetery Endowment Funds TRANSFERRED to the
City.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the city of
Dublin does hereby amend Resolution No. 80-93 to include the language
attached hereto as Exhibit A.1 and by reference made a part hereof.
BE IT FURTHER RESOLVED that Staff is hereby authorized to take all
steps necessary to implement this change, including but not limited to:
reflecting the reserve in the Annual City Financial Report; establishing
a unique Account Number to account for interest income; identifying the
expenditure of such funds as part of the Annual Budget; and accounting
for additional contributions to the Fund in a similar manner.
PASSED, APPROVED AND ADOPTED this 22nd day of November, 1993.
AYES: Councilmembers Burton, Houston, Howard, Moffatt, and
Mayor Snyder.
NOES: None
ABSENT: None
ATTES '
1
EXHIBIT A.1
DESIGNATED SPECIAL RESERVE
FOR CEMETERY ENDOWMENT FUNDS
Subsequent to the adoption of Resolution 80-93 the City acquired
property owned by Dublin Cemetery Inc. As the owner of the property the
City also acquired the Endowment Funds previously collected by the
Cemetery Corporation. This policy shall explicitly designate a Special
Reserve within the City General Fund.
The amount initially transferred on October 21, 1993, as part of the
acquisition, was $60,000 (sixty thousand dollars). The City Council
recognizes that this amount may increase in the event that any further
contributions are received.
This designated reserve maybe pooled'with the City General Fund Reserve
and invested pursuant to adopted policies and laws. As necessary,
records shall be maintained to determine the proportionate share of
interest earnings generated by this special designated reserve.
None of the principal amount deposited in this designated reserve shall
be available for expenditure. For purposes of Budgeting the City
Council may elect to save interest earnings generated in one year and
expend them in a subsequent year.
The interest designated from this restricted reserve shall only be used
to fund expenditures related to the on-going care and maintenance of the
Cemetery property.
RE~.lSIONS
Revisions to this policy shall be approved by the City Council in the
form of an adopted Resolution.