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RESOLUTION 01-19 <br />A RESOLUTION OF THE CITY COUNCIL OF THE TOWN OF LOS ALTOS HILLS <br />APPROVES THE FUND BALANCE AND RESERVE POLICY <br />WHEREAS, financial reserves are an essential component to demonstrating financial stability and <br />strength of the organization; and <br />WHEREAS, a fund balance and reserve policy enables an organization to plan for contingencies, <br />maintain good standing with credit rating agencies, and ensure that funds are available during <br />emergencies and economic downturns; and <br />WHEREAS, the Town adopted Resolution 27-16A on May 19, 2016 to establish the Town of Los <br />Altos Hills Reserve Policy; and <br />WHEREAS, the Town desires to replace the existing reserve policy with the new policy in <br />Attachment 1; and <br />WHEREAS, the City Manager is responsible for presenting annually an updated reserve threshold <br />report during the annual budget cycle; and <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the Town of Los Altos Hills <br />approves the Town of Los Altos Hills Reserve Policy. <br />The above and foregoing Resolution was passed and adopted by the City Council of the Town of <br />Los Altos Hills at a special meeting held on 31st day of January, 2019 by the following vote: <br />AYES: Spreen, Wu, Corrigan, Tankha, Tyson <br />NOES: None <br />ABSTAIN: None <br />ABSENT: None <br />ATTEST: <br />Deborah Padovan, City Clerk <br />BY: 4 sa, <br />Roger Apreen, Mayor <br />Resolution 01-19 <br />Page 1 <br />