HomeMy WebLinkAbout2015-06-30; City Council; Resolution 2015-17924
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Exhibit 14
1 RESOLUTION NO. 2015-179
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA ("CITY"), ESTABLISHING A
3 GENERAL FUND ASSIGNMENT OF $10,000,000 FOR
4 ECONOMIC UNCERTAINTY
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WHEREAS, the City has a General Fund Reserve Policy for one-time
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expenditures that may arise due to unseen emergencies; and
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WHEREAS, during the last major recession, the City's top three revenues
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g (property tax, sales tax, and transient occupancy tax) declined significantly, resulting in
IQ budget reductions to on-going expenditures, and
11 WHEREAS, it is recommended that a General Fund assignment of $10,000,000
12 be established to mitigate revenue losses during periods of economic downturn.
13 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Cartsbad, California, as follows:
1. That the above recitations are true and correct.
2. That the City Council of the City of Carisbad directs the Finance Director
to establish an assignment in the amount of $10,000,000 of the General Fund balance
to mitigate revenue losses during periods of economic downturn.
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PASSED, APPROVED AND ADOPTED at a Joint Special Meeting of the City of Carlsbad City
Council, Carlsbad Municipal Water District Board, Carlsbad Public Financing Authority,
Community Development Commission and City of Carlsbad as Successor Agency to the
Redevelopment Agency on the 30*'^ day of June, 2015, by the following vote to wit:
AYES:
NOES:
ABSENT:
Council/Board/Commission Members Hall, Blackburn, Schumacher, Wood and
Packard.
None.
None.
MATT HALL, Mayor/President/Chairman
ATTEST:
BARBARA ENGLESOBK City Clerk/Secretary
(SEAL) ^.v^S^V,SB>^o>,,