SUBJECT: Adoption of Resolution to Establish a General Fund Reserve Policy, Adoption of Resolution Removing the GFOA Recommended Minimum, Adoption of Resolution to Decrease the Amount in the Cash Basis Fund, Adoption of Resolution Eliminating the Revenue Stabilization Policy, and Adoption of Resolution Revising the Economic Development Opportunity Fund Policy REPORT IN BRIEF Adopt a Resolution establishing a General Fund Reserve and Policy and Adopting Resolutions on other financial policies as they relate to the proposed General Fund Reserve. RECOMMENDATION City Council - Adopt a motion: A. Approving Resolution 2020-81, a Resolution of the City Council of the City of Merced, California, adopting General Fund Reserve Policy; and, B. Approving Resolution 2020-82, a Resolution of the City Council of the City of Merced, California, deleting Section 5 of Resolution 2020-41 pertaining to adoption of the budget and appropriating revenue for Fiscal Year 2020-2021; and, C. Approving Resolution 2020-83, a Resolution of the City Council of the City of Merced, California, setting the funding level for the Cash Basis Fund and authorizing transfer of funds to the General Fund Reserve; and, D. Approving Resolution 2020-84, a Resolution of the City Council of the City of Merced, California, rescinding Resolution No, 2019-15 adopting the Revenue Stabilization Fund Policy and authorizing transfer of funds to the General Fund Reserve; and, E. Approving Resolution 2020-85, A Resolution of the City Council of the City of Merced, California, rescinding Resolution No. 2018-20 and adopting the updated Economic Development Opportunity Fund Policy; and, F. Authorizing the Finance Officer to make the necessary budget adjustments.

Consent Item Passed Introduced October 27, 2020

Committee: City Council/Public Finance and Economic Development Authority/Parking Authority
Introduced: October 27, 2020
On agenda: November 16, 2020
Passed: November 16, 2020