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4/5/99 <br /> ORIGINAL <br /> <br /> RESOLUTION NO. 13598 <br /> <br /> RESOLUTION ESTABLISHING POLICY REGARDING <br /> MAINTENANCE OF UNAPPROPRIATED GENERAL FUND <br /> BALANCE <br /> <br /> WHEREAS, prudent fiscal management requires that the unappropriated <br />balance of ~he City's General Fund be maintained at a level which will provide for <br />unanticipated contingencies, including reductions in revenues; and <br /> <br /> WHEREAS, this Council's Finance Committee has reviewed the effect of <br />economic fluctuations upon the City's fiscal status and surveyed the practice of <br />other public agencies regarding maintenance of unappropriated funds to guard <br />against unforeseen revenue deficiencies; and <br /> <br /> WHEREAS, upon the basis of said review, the Finance Committee has <br />recommended that the unappropriated balance of the General Fund be <br />maintained at the level hereinafter specified; <br /> <br /> NOW THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE CITY <br />OF REDWOOD CITY, AS FOLLOWS: <br /> <br /> 1. This Council hereby declares and establishes as a fiscal policy, that <br />the unappropriated balance of the General Fund shall be maintained at a level <br />not less than fifteen (15) percent, nor more than twenty (20) percent, of <br />estimated General Fund revenues in any given fiscal year. <br /> <br /> 2. The City Manager and Director of Finance are hereby authorized and <br />directed to implement the policy hereby established in connection with <br /> <br />Reso-620 <br />F:/Sh/sh/RC/Coun¢il <br />DES:rg <br />03/11/99 <br /> <br /> <br />