HomeMy WebLinkAboutReso 61-23 Authorizing a Special Designation of General Fund Reserves for Fiscal Year 2022-23Reso. No. 61-23, Item 4.19, Adopted 06/06/2023 Page 1 of 1
RESOLUTION NO. 61 – 23
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
AUTHORIZING A SPECIAL DESIGNATION OF GENERAL FUND RESERVES FOR
FISCAL YEAR 2022-23
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 2023-24 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 2022-23 year -end
balance to the Committed fund balance as follows:
• Reduce Economic Stability reserve by $8,000,000 and One-Time Initiative –
Capital reserve by $4,500,000, and re-assign the funds to Dublin Boulevard
Extension Advance Assigned reserve.
• Increase the reserve for Downtown Public Improvement Reserve by
$2,000,000
• 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 6th day of June 2023 by the following
vote:
AYES: Councilmembers Hu, Josey, McCorriston, Qaadri and Mayor Hernandez
NOES:
ABSENT:
ATTEST:
________________________________
Mayor
_____________________________
City Clerk
DocuSign Envelope ID: 91E18C8B-6332-4E18-B969-926165A93030