HomeMy WebLinkAbout01-19RESOLUTION 01-19
A RESOLUTION OF THE CITY COUNCIL OF THE TOWN OF LOS ALTOS HILLS
APPROVES THE FUND BALANCE AND RESERVE POLICY
WHEREAS, financial reserves are an essential component to demonstrating financial stability and
strength of the organization; and
WHEREAS, a fund balance and reserve policy enables an organization to plan for contingencies,
maintain good standing with credit rating agencies, and ensure that funds are available during
emergencies and economic downturns; and
WHEREAS, the Town adopted Resolution 27-16A on May 19, 2016 to establish the Town of Los
Altos Hills Reserve Policy; and
WHEREAS, the Town desires to replace the existing reserve policy with the new policy in
Attachment 1; and
WHEREAS, the City Manager is responsible for presenting annually an updated reserve threshold
report during the annual budget cycle; and
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the Town of Los Altos Hills
approves the Town of Los Altos Hills Reserve Policy.
The above and foregoing Resolution was passed and adopted by the City Council of the Town of
Los Altos Hills at a special meeting held on 31st day of January, 2019 by the following vote:
AYES: Spreen, Wu, Corrigan, Tankha, Tyson
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST:
Deborah Padovan, City Clerk
BY: 4 sa,
Roger Apreen, Mayor
Resolution 01-19
Page 1
Attachment 1
Town of Los Altos Hills
FY 2020 Proposed Reserves
Restricted
Committed
Pension Contribution Reserve
IT Equipment Reserve
Vehicle & Equipment Replacement Reserve
Facilities Replacement Reserves
Town Emergency Contingency for Disasters
Not Federally and/or State Declared
Public / Private Road
Risk Management
Assigned
Minimum Operating Contingency
Unassigned
Unassigned - Available
Total Fund Balances - General Fund
Resolution 46-18
Resolution 34-17 Per Council
Approved FY 2020
FY 2018 CAFR FY 2019 Budget Recommended
Increase (Decrease)
FY 2020 Recommended
Iess FY 2019
1,570,000.00
1,600,000.00
2,575,000.00
9751000.00
25,000.00
25,000.00
501000.00
25,000.00
-
-
594,000.00
594,000.00
-
-
1,902,700.00
1,902,700.00
1,250,000.00
1,2501000.00
1,250,000.00
-
200,000.00
200,000.00
-
(200,000.00)
80,000.00
807000.00.
-
(80,000.00)
350,000.00
350,000.00
2,071,500.00
1,721,500.00
8,254,295.00
8,224,295.00
3,346,950.00 (a)
(4,877,345.00)
11,729,295.00
117729,295.00
11,790,150.00
60,855.00
(a) This amount includes the FY 2019 budgeted General Fund surplus of $60,855
Resolution 01-19 Page 2