HomeMy WebLinkAboutAgenda Statement 1980/06/24 Item 15
COUNCIL AGENDA STATEMENT
Item
,15
Meeting Date
6/24/80
ITEM TITLE: Reso 1 uti on '''15'3 Es tab 1 i shi ng "Reserve for Conti ngency" Accounts and
Appropriating Funds Thereto
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SUBMITTED BY: Director of Finance (4/5ths Vote: Yes No~)
The City of Chula Vista wili complete the 1979-80 fiscal year with an estimated un-
appropriated fund balance, all funds of $6,606,815. Because of the Gann Initiative
(Proposition 4), it is not desirable to carry forward certain unappropriated funds
into the 1980"81 fiscal year since these funds, when appropriated, will count against
Gann Limits. Funds appropriated during the 1979-80 fiscal year are not affected by
the Gann Limit, which is effective July 1, 1980. Therefore, it is my
RECOMMENDATION
That the City Council authorize the appropriation of the June 30, 1980 unappropriated
balances from the following funds into a "Reserve for Contingency" account in each
fund.
General Fund
Sta te Li bra ry Act Fund
Sewer Service Fund
Parking Meter Fund
Transit Service Fund
Special Gas Tax Fund
Sewer Income Fund
Park Acquisition and Development
Residential Construction Tax
Special Capital Outlay
The balances in the reserves established above will later be utilized, with Council
approval, for City operation.
BOARDS AND COMMISSION RECOMMENDATION: Not Applicable
I DISCUSSION
"
The City of Chula Vista has realized budgetary savings over the years which has
resulted in certain fund balances that, if carried forward to fiscal year 1981,
will be subject to the Gann Limit. To provide the greatest flexibility in terms
of, the City's appropriations limit in future years, it is prudent to appropriate
these funds in fiscal year 1980 into a Reserve for Contingency account.
Appropriation of funds to a reserve is a legitimate measure, permitted by Section 5
of the Gann Initiative, for exempting money from limits while imposing minimal
restrictions on the ultimate use of the funds.
FINANCIAL IMPACT
Protect City funds from the limits imposed by the Gann Initiative which could
prevent the future utilization of available funds.
Form A-113 (Rev. 11/79)
10 rS 7/
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