CC Resolution 12640 RESOLUTION NO. 12640
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
AUTHORIZING THE USE OF THE GENERAL FUND EMERGENCY RESERVE TO
BALANCE REVENUES AGAINST EXPENDITURES IN FISCAL YEAR (FY) 2020
WHEREAS, the FY 2020 General Fund Adopted Operating Budget was approved by
City Council on June 18, 2019 via Resolution 12465, and
WHEREAS, the FY 2020 General Fund Operating Budget was balanced at time of
adoption with operating revenues estimated to equal $55,863,156 and operating expenditures
estimated to equal $55,145,691, and
WHEREAS, the economic impacts of COVID-19 had an immediate and significant
impact on General Fund revenue sources in the last quarter of FY 2020, and
WHEREAS, staff has kept Council apprised of the economic impacts of COVID-19 since
April 2020 and has estimated a General Fund Operating deficit between $4.0 million and $5.0
million in FY 2020, and
WHEREAS, when unaudited General Fund year-end actual revenues are compared
against expenditures in FY 2020, an operating deficit of approximately $4.0 million results, and
WHEREAS, audited General Fund year-end actual results for FY 2020 will not be
finalized until December 2020 and may increase the actual General Fund operating deficit in
FY 2020, and
WHEREAS, based on these factors, staff recommends and requests authorization to
utilize the General Fund Emergency Reserve up to $4.4 million in FY 2020, and
WHEREAS, per Section 20.V.A. of the Council Financial Policies, staff has determined
that this is an appropriate use the General Fund Emergency Reserve, and
WHEREAS, should the final audited FY 2020 General Fund operating deficit exceed
$4.4 million, staff will return to Council at a future date for additional authorization;
NOW, THEREFORE, BE IT RESOLVED, by the City Council that as of September 15,
2020 the amount of up to $4.4 million is authorized to be used from the General Fund
Emergency Reserve to balance General Fund revenues against expenditures in FY 2020.
PASSED AND ADOPTED this day 15th of September, 2020, by the following roll call vote:
AYES: Councilmembers: Waterman, Bybee, Resnikoff, Gibbons, Landry
NOES: Councilmembers: None
ABSENT: Councilmembers: None
APPROVED:
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Susan M. Landry, Mayor
ATTEST:
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Andrea Sa• ers, Acting City Clerk