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RESOLUTION 06-21 <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 enable an organization to plan for contingencies, <br />maintain good standing with credit rating agencies, generate interest income, and ensure that funds <br />are available during emergencies and economic downturns; and <br />WHEREAS, the Town adopted Resolution 01-19 on January 31, 2019 to update the Town of Los <br />Altos IIills Fund Balance and 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 Town commits $1,575,000 as Pension Contribution Reserve to meet unfunded <br />pension liability, reducing the reserve by $1,000,000 for payment towards the unfunded pension <br />liability; 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 Fund Balance and 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 regular meeting held on 18th day of February 2021 by the following vote: <br />AYES: Tankha, Tyson, Mok, Schmidt, Swan <br />NOES: None <br />ABSTAIN: None <br />ABSENT: None <br />ATTEST: <br />(j&AtIlul- <br />Deborah Padovan, City Clerk <br />Resolution 06-21 <br />Kavita Tanlcha, Mayor <br />Page 1 <br />