HomeMy WebLinkAboutCC Res 3655 1986-11-10
RESOLUTION ~~~
A RESOLUTION OF THE CITY OF SEAL BEACH AUTHORIZING
CASH TRANSFERS FROM THE GENERAL FUND TO THE PUBLIC
LIABILITY RESERVE FUND AND TO THE WORKERS' COMPEN-
SATION RESERVE FUND.
THE CITY COUNCIL OF THE CITY OF SEAL BEACH DOES HEREBY RESOLVE:
WHEREAS. on November 1,1986 the City will receive $1,524,393 from I
the SI~al Beach Redevelopment Agency to repay loans specified
in Resolutions #1758, 1759, 2955, 2984, 3225. and
WHEREAS, said repayment provides the City with an opportunity to
strengthen cash balances in depleted reserve funds of the
City, and
WHEREAS, an opportunity also exists to set aside General Fund
moneys for an urgently needed Emergency Preparedness
Reserve as recommended by the State Office of
Emergency Services, and
WHEREAS, the approved City Budget for 1986/87 authorizes cash
balances at June 3D. 1987 of $500,000 in the Public
Liability Reserve Fund, $387,000 in the Workers'
Compensation Reserve Fund, and a General Fund contin-
gency reserve of $508,920.
NOW, THEREFORE, BE IT RESOLVED that in order to attain the cash
balances authorized by the 1986/87 Budget, the Seal Beach City
Council finds it necessary to transfer from the General Fund the
amount of $500.000 to the Public Liability Reserve Fund and
$400,000 to the Workers' Compensation Reserve Fund.
BE IT FURTHER RESOLVED that the Seal Beach City Council finds it
prudent to set aside the sum of $200,000 within the General Fund
as an Emergency Preparedness Reserve, said amount to be in
addition to the budgeted contingency reserve of $508,920.
I
PASSED, APPROVED and ADOPTED by the City Cou
Seal Beach at a meeting t reof held on the
by the follo . g vote:
.
t
86,
AYES:
NOES:
ABSENT:
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF SEAL BEACH )
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