CC Resolution 12232Resolution No. 12232
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
AUTHORIZING THE REVISION OF COUNCIL FINANCIAL POLICIES SECTION
V-RESERVE POLICIES
WHEREAS, the City of Campbell has Financial Policies that act as guidelines
to enable consistent management of the City's fiscal resources in order to ensure that
the City remains in sound financial condition; and,
WHEREAS, adoption and maintenance of financial policies promote a sound
financial base for City operations and provide the resources needed to react and
respond to financial emergencies in a prudent manner and remain fiscally healthy
over the long-term; and,
WHEREAS, the adoption and periodic review of financial policies promotes
the public confidence and increases the City's credit quality in the eyes of bond rating
agencies and potential investors in City issued debt; and,
WHEREAS, Section V of the financial policies is a component of the financial
policies and Council is desiring to determine the continued adequacy of the City's
reserves and whether changes need to be made to existing reserve policies.
NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of
Campbell that the General Fund Economic Fluctuations Reserve policy be changed
to require a reserve target level of two months of General Fund operating
expenditures; and,
BE IT FURTHER RESOLVED that the remaining reserve policies of Section V
of the financial policies are deemed to be adequate and no changes are to be made
at this time.
PASSED AND ADOPTED this 3`d day of October, 2017, by the following roll
call vote:
AYES: Councilmembers: Waterman, Cristina, Landry, Resnikoff, Gibbons
NOES: Councilmembers: None
ABSENT: Councilmembers: None
APP OVED: /~
S
iza eth "Liz' Gibbons, Mayor
ATTEST:
Wend~(,1Nood, City Clerk