HomeMy WebLinkAboutReso 72-16 Excess FY15-16 CashRESOLUTION NO. 72-16
RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF MORRO BAY, CALIFORNIA,
ADOPTING AND PROGRAMMING THE FY 201546 DEFINED
AVAILABLE CASH FROM THE GENERAL FUND
AND RISK MANAGEMENT FUND INTO FY 201647 BUDGET
THE CITY COUNCIL
City of Morro Bay, California
WHEREAS, the City of Morro has reconciled the FY 2015-16 General Fund and Risk
Management Fund, and determined there is excess cash in those funds as of the 201546 fiscal
year end that is available for programming in the FY 2016-17 budget; and
WHEREAS, the FY 2015-16 General Fund excess cash has been reconciled to $600,000,
$400,000 of which is committed to compensable leaves and $200,000 of which is available for
programming in the FY 2016-17 budget; and
WHEREAS, the Risk Management Fund, after removing the established minimum
balance of $100,000 in cash, as established by Resolution No. 3245, has $280,000 in excess
cash which is available for programming in the FY 2016-17 budget; and
WHEREAS, City Council authorization is required to appropriate those funds, and has
reviewed staff recommendations and City Council priorities; and
WHEREAS, Staff has presented the City Council with a priority list, which will be
attached to this Resolution, as amended with any changes made by the Council at the meeting at
which this Resolution was adopted.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Morro Bay,
California:
1. The FY 2015-16 reconciliation and calculation of excess funds available for spending is
accepted:
a. General Fund: $200,000; and
b. Risk Management Fund: $280,000, after deducting the minimum required
balance of $100,000.
2. The City Council accepts the appropriations list, as recommended and amended at the
meeting at which this Resolution was adopted, and included in the list attached to this
Resolution; and
3. The City Council authorizes the City Manager to adjust the FY 2016-17 budget to include
allocations of the use of those funds; and
Resolution No. 7246
Page 2
4. The City Council authorizes the City Manager to establish the General Fund
Compensable Leaves Bank Fund and transfer the $400,000 reserve plus the $66,000 set -
aside, established with the FY 201647 budget.
PASSED AND ADOPTED, by the City Council of the City of Morro Bay, at a regular
meeting thereof held on the 25th day of October, 2016, by the following vote:
AYES:_ Irons, Johnson, Smukler
NOES: None
ABSENT: Makowetski
ABSTAIN: Headding
JAB L. IRONS, Mayor
ATTEST:
SWANSON, City Clerk
Resolution No. 72-16
Page 3
Prioritized List for Spending the Excess FY 2015-16 Cash
1) General Fund Emergency Reserve: Transfer $205,000 in available cash into this fund
2) General Fund: Transfer $90,000 to the appropriate General Fund units for the following
purposes with funding breakdown;
a. $30,000 for recruitment costs
b. $25,000 for Pacific Gas/Electric/Diablo Canyon action
c. $25,000 for labor negotiation costs
d. $10,000 for the budget transparency City Council Goal 5.b
3) Risk Management: Reserve $185,000 in the Risk Management fund, above and beyond
the $100,000 minimum requirement balance (City Council Resolution No. 32-15), to pay
for potential Risk Management related issues.
4) General Fund Compensable Leaves Bank Fund: Transfer $400,000 for the following
purposes:
a. $70,000 for costs associated with the Early Management Program (20% of current
salary) for four retiring employees
b. $100,000 for FY 2016/17 Compensable leave payouts, due to retirements and
separations
c. $230,000 plus the $66,000, which was budgeted in FY 2016/17, to save for future
Compensable leaves