HomeMy WebLinkAboutRES NO 172-2022RESOLUTION NO. 1 7 2` 2 022
A RESOLUTION ADOPTING A CITY RESERVE POLICY
FOR THE CITY OF BAKERSFIELD.
WHEREAS, the City of Bakersfield desires to establish sufficient reserves to
maintain fiscal stability and is in line with best practices for municipalities; and
WHEREAS, the Government Finance Officers Association (GFOA) emphasized
the need to establish a written reserve policy; and
WHEREAS, the City has established a rainy -day reserve in the General Fund
with the goal of setting aside at least two months of the annual operating budget;
and
WHEREAS, the City has established a facility replacement reserve for
emergency repairs and replacement of capital assets with a desire to maintain a
balance of at least $10 million; and
WHEREAS, the City has established a pension rate stabilization reserve held in
a Section 125 Trust with a desire to address the growing unfunded liability in the
City's pension plans managed by CalPERS; and
WHEREAS, the City Budget and Finance Committee has reviewed the City
Reserve policy at its September 19, 2022 meeting and recommends Council
adoption of the policy.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Bakersfield as follows:
l . The foregoing recitals are true and correct and incorporated in their
entirety herein by reference.
2. The City of Bakersfield's "City Reserve Policy" attached hereto as
Exhibit "A" and incorporated herein by reference, is hereby adopted.
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HEREBY CERTIFY that the foregoing Resolution was passed and adopted by
the Cogfij ?�, Jpe City of Bakersfield at a regular meeting thereof held on
, by the following vote:
YES: COUNCIL MEMBER ARIAS, GONZALES, WEIR, SHIT4+ FREEMAN, GRAY;-RA*HER ---
NOES: COUNCIL MEMBER
ABSTAIN: COUNCIL MEMBER
SE COUNCIL MEMBER `rrYI o 0
�A�t oitnak4l'3
J LIE DRIMAKIS, MMC
CITY CLERK and Ex Officio Clerk of
the Council of the City of Bakersfield
APPROVED 0 C T 19 2022
Y
KAREA GOH
Mayor
APPROVED AS TO FORM:
VIRGINIA GENNARO
City Attorney
4SH
UA H. RUDNICK
uty City Attorney
3
Attachments: Exhibit A
S:Wccounting\Admin\Admin Reports\Reso for City Reserve Policy.dou
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