HomeMy WebLinkAboutR-16-02 Amending Financial PoliciesRESOLUTION NO. R-16-02
A RESOLUTION OF THE CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA
AMENDING FINANCIAL POLICIES ADOPTED BY RESOLUTION R-15-29 TO MODIFY AND
CLARIFY THE FUND BALANCE POLICIES SECTION REGARDING THE CAPITAL
RENEWAL AND REPLACEMENT RESERVE; DIRECTING THAT THE GENERAL FUND
OPERATING SURPLUS BE ASSIGNED THERETO; AUTHORIZING THE CITY MANAGER TO
USE SUCH FUNDS IN CERTAIN INSTANCES SUBJECT TO CITY CODE SECTION 2-10;
PROVIDING FOR REPORTING THE USE OF SUCH FUNDS; PROVIDING FOR CONFLICTS;
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Sebastian adopted Resolution No. R-15-29 on September 23, 2015
readopting amended financial policies; and
WHEREAS, the City of Sebastian desires to make funds available to the City Manager to
immediately proceed with repairing or replacing essential equipment or facilities in instances where those items
have not been budgeted; and
WHEREAS, the City of Sebastian has previously established the Capital Renewal and Replacement
Reserve and the process for its funding, authorized uses and reporting:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEBASTIAN,
INDIAN RIVER COUNTY, FLORIDA, THAT:
Section 1. The City Council of the City of Sebastian hereby amends the Financial Policies governing the
Operating Budget, Financial Reserves, Use of Surplus, Performance Measurement, Capital Improvement
Program, Debt Management, Revenue, and Investment to modify and clarify provisions of the Capital Renewal
and Replacement Reserve.
Section 2. The City Council of the City of Sebastian hereby directs that the General Fund operating surplus
(revenues and transfers in that exceed expenditures and transfers out except for expenses from the Reserve) in
any year be assigned to the Capital Renewal and Replacement Reserve.
Section 3. The City Council of the City of Sebastian hereby authorizes the City Manager to utilize the
Capital Renewal and Replacement Reserve to immediately proceed with repairing or replacing essential
equipment or facilities assigned to any department in instances where those items have not been budgeted. Such
expenditures shall be governed by the purchasing thresholds set by City Code Section 2-10 and shall be
reported to the City Council within the next Quarterly Financial Report.
Section 4. All resolutions or parts of resolutions in conflict herewith are hereby repealed.
Section 5. This Resolution shall become effectiv immediately upon its adoption.
It was moved for adoption by Councilmember
The motion was seconded by Councilmember and, upon being put to a vote, the vote
was as follows:
Mayor Richard Gillmor
Vice -Mayor Jerome Adams
Councilmember Andrea Coy
Councilmember Jim Hill
Councilmember Bob McPartlan
The Mayor thereupon declared this Resolution duly passed and adopted this 27`h day of January 2016.
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