HomeMy WebLinkAboutR-14-07 Amending Financial PoliciesRESOLUTION NO. R -14 -07
A RESOLUTION OF THE CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA
AMENDING FINANCIAL POLICIES ADOPTED BY RESOLUTION R -13 -25 TO RENAME THE
EQUIPMENT REPLACEMENT RESERVE TO 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. IZ -13 -25 on September 25, 2013
readopting amended financial policies; and
WHEREAS, the City of Sebastian has deferred maintenance of equipment and facilities and 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 reported a General Fund operating surplus for the period ending
September 30, 2013 and has the funds to be initially assign for these purposes;
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 rename the Equipment Replacement Reserve to
Capital Renewal and Replacement Reserve.
Section 2. The City Council of the City of Sebastian hereby directs that the General Fund operating surplus
(revenues in excess of expenditures) 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
General Fund equipment or facilities 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 All resolutions or parts of resolutions in conflict herewith are hereby repealed.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 effective ign.mediately 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 Bob McPartlan
Vice -Mayor Jim Hill
Councilmember Andrea Coy
Councilmember Jerome Adams �j�► �✓f
Councilmember Richard Gillmor
The Mayor thereupon declared this Resolution duly passed and ado Wed ed this 26`h day of March 2014.
CITY OF $EBASTIAN, Fj�-QRIDA
By:
Mayor Bob McPartlan
ATTEST Approved as to form and content for
reliance/by the City of Sebastian only:
Sally A. Maio, M C Robert A. Ginsburg
City Clerk City Attorney