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RESOLUTION 57-23 <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 06-21 on February 18, 2021 to update the Town of <br />Los Altos Hills 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 reserves have the following reserve balances: Pension Contribution: $2,099,951, <br />Facilities Replacement: $4,619,613, Disaster Contingency: $1,050,000 Operating Contingency: <br />$2,328,858, Vehicle and Equipment: $594,000 for FY22-23; and <br />WHEREAS, created the Capital Reserves with a balance of. $2,504,440 for FY22-23 and <br />Technology reserve: $46,000 for FY23-24; 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 Balances 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 15th day of June 2023 by the following vote: <br />AYES: Swan, Molc, Schmidt, Tankha, Tyson <br />NOES: None <br />ABSTAIN: None <br />ABSENT: None <br />ATTEST: <br />Deborah Padovan, City Cleric <br />Resolution 57-23 <br />Linda G. Swan, Mayor <br />Page 1 <br />