HomeMy WebLinkAboutR-17-08 Replacement of ReserveRESOLUTION NO. R-17-08
A RESOLUTION OF THE CITY OF SEBASTIAN, INDIAN RIVER
COUNTY, FLORIDA AMENDING FINANCIAL POLICIES TO MODIFY
THE SECTION ON THE CAPITAL RENEWAL AND REPLACEMENT
RESERVE; DIRECTING THAT THE ASSIGNMENT OF GENERAL
FUND OPERATING SURPLUS THERETO BE ONLY FOR THE
AMOUNT NECESSARY TO RESTORE THE BALANCE TO $2759000;
PROVIDING FOR CONFLICTS; AND PROVIDING FOR AN EFFECTIVE
DATE.
WHEREAS, the City Council adopted Resolution No. R-16-30 on September 28,
2016 readopting amended financial policies; and
WHEREAS, the City Council desires to continue to make funds available to the City
Manager to immediately proceed with repairing or replacing essential equipment or facilities
assigned to any department in instances where those items have not been budgeted, with such
expenditures continuing to be governed by the purchasing thresholds set by City Code Section 2-
10 and reported to the City Council within the next Quarterly Financial Report; and
WHEREAS, the City Council previously established the Capital Renewal and
Replacement Reserve and the process for its funding, authorized uses and reporting; and
WHEREAS, the City Council desires a cap, such that increases to the Capital
Renewal and Replacement Reserve will be only for the amount necessary to restore the balance
to $275,000:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA, THAT:
Section 1. The City Council hereby amends the Financial Policies governing the
Operating Budget, Financial Reserves, Use of Surplus, Performance Measurement, Capital
Improvement Program, Debt Management, Revenue, and Investments.
Section 2. The City Council 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, only for
the amount necessary to restore the balance to $275,000.
Section 3. All resolutions or parts of resolutions in conflict herewith are hereby
repealed.
Section 4. This Resolution shall become effective immediately upon its adoption.
It was moved for adoption by Councilmember Dodd . The
motion was seconded by Councilmember Mcpa*t� �a and, upon being put to a vote, the
vote was as follows:
Mayor Bob McPartlan
Vice -Mayor Andrea Coy
Councilmember Jim Hill
Councilmember Linda Kinchen
Councilmember Ed Dodd
aye
aye
aye
The Mayor thereupon declared this Resolution duly passed and adopted this 8s' day of
March 2017.
ATTEST:
J ette-Willis; d IMC
City Cierk.--
CITY OF SEBASTIAN, FLORIDA
ZI Z'11_A2_z1
Mayor Bob McPartlan
Approved as to form and content for
reliance by the City of Sebastian only:
Robert A. Ginsburg
City Attorney