HomeMy WebLinkAbout2021-09-28; City Council; Resolution 2021-226RESOLUTION NO. 2021-226
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING THE APPROPRIATION AND TRANSFER FROM
GENERAL FUND RESERVES IN FISCAL YEAR 2021-22 TO THE GENERAL
CAPITAL CONSTRUCTION FUND, INFRASTRUCTURE REPLACEMENT FUND,
OR TECHNOLOGY INVESTMENT PROGRAM TO FUND FUTURE PROJECTS
EXHIBIT 6
WHEREAS, City Council Policy No. 87 -General Fund Surplus Policy allows for General Fund
reserve levels in excess of the 40% target requirement to be used for one-time opportunity cost
purposes at the discretion of the City Council; and
WHEREAS, at the close of fiscal year 2020-21, city's unaudited General Fund reserve balance is
57% and has exceeded its General Fund Reserve Policy (City Council Policy No. 74) target of 40%; and
WHEREAS, at the close of fiscal year 2020-21, the city's unaudited pension funded ratio of
79.2%, a $6.4 million shortfall from the Pension Funding Policy (City Council Policy No. 86) target range
of 80-85%; and
WHEREAS, at the close of fiscal year 2020-21, the remaining unaudited unspent and
unencumbered expenditures budget for the General Fund is $25.8 million of which $10.2 million has
been carried forward as a result of previous City Council resolution, resulting in an available surplus of
$15.6 million; and
WHEREAS, in accordance with Council Policy No. 87, the City Manager has approved individual
items are less than $100,000 that total $693,984 in General Fund carryforward requests and $1,122,363
in carryforward requests for other non-General Fund funds; and
WHEREAS, City Council Policy No. 87 requires City Council approval for the carryforward of any
unspent and unencumbered budget for a particular item equal to or greater than $100,000; and
WHEREAS, the city has many unfunded capital projects that are known and some that are
unknown; and
WHEREAS, an additional appropriation and transfer to either the General Capital Construction
Fund, Infrastructure Replacement Fund, or Technology lnve~tment Program could fund future projects.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, California, as
follows:
1. That the above recitations are true and correct.
Sept. 28, 2021 Item #12 Page 20 of 23