HomeMy WebLinkAboutReso 2024-112
RESOLUTION NO. 2024-112
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA REPEALING CITY COUNCIL POLICY 220-04
SEWER SERVICE REVENUE FUND RESERVE POLICY, 220-
09 PENSION & OPEB RESERVE FUND, 220-10 MEASURE A
RESERVE POLICY, AND 220-11 AMBULANCE TRANSPORT
SYSTEM ENTERPRISE FUND RESERVE POLICY,
AMENDING CITY COUNCIL POLICY 220-03 TO SERVE AS A
CONSOLIDATED CITYWIDE RESERVE POLICY; AND
RENAMING CITY COUNCIL POLICY 220-03 TO CITYWIDE
RESERVE POLICY – FISCAL HEALTH PLAN
WHEREAS, public entities accumulate and maintain adequate reserves to help ensure both
financial stability and the ability to provide core services during difficult times; and
WHEREAS, sufficient reserves create financial stability resulting in increased credit
quality and allow the public entity to better weather downturns in the economy and the impacts of
negative events, both major and minor; and
WHEREAS, the establishment of prudent financial reserves is important to ensure the long-
term fiscal health of the City; and
WHEREAS, the Government Finance Officers Association (GFOA), an international
organization that promotes the professional financial management of governments for the public
interest, recommends that governments formally adopt reserve policies that govern the amount of
resources to be held in reserve and conditions under which reserves can be used; and
WHEREAS, GFOA recognizes that each government’s situation is unique, and reserve
policies should be developed based upon its own specific circumstances; and
WHEREAS, the City of Chula Vista has several City Council Policies that address reserves
in various funds; and
WHEREAS, City Council Policy 220-03 Citywide Reserve Policy will consolidate various
reserve policies into a single citywide reserve policy in order to standardize existing policies,
streamline review and future updates to the policy; and
WHEREAS, staff recommends amendments to the General Fund Reserve Policy, including
the establishment of a minimum reserve level of 3% for the Catastrophic Event Reserve and
modifications to the calculation of the General Fund Reserve level; and
WHEREAS, staff recommends amendments to the Pension & OPEB Reserve Fund Policy,
including modifications to the calculation of the Pension Reserve Fund level, authorized use and
funding allocation of the Pension Reserve Fund, Bond Call Fund, and OPEB Reserve Fund; and
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Resolution No. 2024-112
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WHEREAS, staff recommends renaming City Council Policy 220-03 General Fund
Reserves – Fiscal Health Plan to Citywide Reserve Policy – Fiscal Health Plan; and
WHEREAS, staff recommends consolidating the following existing City Council Policies
into City Council Policy 220-03 Citywide Reserve Policy– Fiscal Health Plan as set forth in
Exhibit 1 to this resolution:
220-04 Sewer Service Revenue Fund Reserve Policy
220-09 Pension & OPEB Reserve Fund
220-10 Measure A Reserve Fund Policy
220-11 Ambulance Transport System Enterprise Fund Reserve Policy; and
WHEREAS, staff recommends repealing the following existing policies:
220-04 Sewer Service Revenue Fund Reserve Policy
220-09 Pension & OPEB Reserve Fund
220-10 Measure A Reserve Fund Policy
220-11 Ambulance Transport System Enterprise Fund Reserve Policy; and
WHEREAS, the Office of the City Attorney has prepared this resolution based on the
information provided by City staff with the understanding that this information is complete, true,
and accurate; and
WHEREAS, staff recommends amending City Council Policy 220-03 Citywide Reserve
Policy– Fiscal Health Plan to reflect the changes described in Exhibit 1 to this resolution attached
hereto and incorporated herein.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista,
that it:
1. Renames City Council Policy 220-03 General Fund Reserves – Fiscal Health Plan to
Citywide Reserve Policy – Fiscal Health Plan.
2. Amends City Council Policy 220-03 Citywide Reserve Policy – Fiscal Health Plan and
consolidates the following existing City Council policies into one policy, as set forth in
Exhibit 1 to this resolution, attached hereto and incorporated herein, with such changes as
may be required or approved by City Attorney:
o 220-04 Sewer Service Revenue Fund Reserve Policy
o 220-09 Pension & OPEB Reserve Fund
o 220-10 Measure A Reserve Fund Policy
o 220-11 Ambulance Transport System Enterprise Fund Reserve Policy.
3. Repeals City Council Policy 220-04 Sewer Service Revenue Fund Reserve Policy, City
Council Policy 220-09 Pension & OPEB Reserve Fund, City Council Policy 220-10
Measure A Reserve Fund Policy, and City Council Policy 220-11 Ambulance Transport
System Enterprise Fund Reserve Policy.
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Resolution No. 2024-112
Page No. 3
Presented by Approved as to form by
Sarah Schoen Marco A. Verdugo
Director of Finance/ Treasurer City Attorney
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 28th day of May 2024 by the following vote:
AYES: Councilmembers: Chavez, Gonzalez, Morineau, Preciado, and McCann
NAYS: Councilmembers: None
ABSENT: Councilmembers: None
John McCann, Mayor
ATTEST:
Kerry K. Bigelow, MMC, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Kerry K. Bigelow, City Clerk of Chula Vista, California, do hereby certify that the foregoing
Resolution No. 2024-112 was duly passed, approved, and adopted by the City Council at a regular
meeting of the Chula Vista City Council held on the 28th day of May 2024.
Executed this 28th day of May 2024.
Kerry K. Bigelow, MMC, City Clerk
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