HomeMy WebLinkAboutReso 2436-19562436
A RESOLUTION OF THE CITY COUNCIL OF TEE
CITY OF SOUTH SAN FRANCISCO ESTABLISHING
A WORKING CAPITAL RESERVE FOR EACH OF THE
RESPECTIVE FUNDS 90 THAT EXPENDITURES MAY
BE PLANNED TO MEET RECEIPTS FROM COUNTY TAX
COLLECTIONS
WHEREAS, use of the county collection service ehange the time of receipt of tax monies, and
WHEREAS, the City Council because of said time of receipt of tax monies must amend its budget
procedures, and
WHEREAS, expenditures are now made from the unappropriated surplus of the respective funds
and the City Council desires to establish within ~ach fund an account known as workingv~capital reserve to
which shall be transferred all or part of the unappropriated surplus required and tax monies received to
meet the budget requirements.
NOW, TEEREFORE, BE IT RESOLVED by the City Council of the City of South San Francisco that
there be established a working capital reserve for each of the respective funds over which said council
exercises control. Said working capital reserve to be established by transfer of funds from the unappro-
priated surplus of said funds and tax monies hereafter received.
BE IT FURTHER RESOLVED that the amount of the working capital reserve gOr each fund be
determined by reference to the budget appropriations for each fund for the next succeeding fiscal year and
the minimum working capital reserve by six (6) months budgeted appropriations, but should the unappropriated
surplus be insufficient to provide a working capital reserve for any fund, said unappropriated surplus shall
be increased until the minimum amount for six (6) months budgeted appropriations is attained.
BE IT FURTHER RESOLVED ~h~tLthe funds of the working capital reserve shall be used to meet
the legal obligations of the respective funds and that portion iu said reserve or unappropriated surplus
at~the direction of the City Council not required to meet the current legal obligations may be placed in
an interest bearing bank or other interest producing investments that are permissible under the various
statues governing investment of municipal funds.
I hereby certify that the foregoing resolution was regularly introduced and adopted by the
City COuncil of the City of South San Francisco at a regular meeting held on the 17th day
of December 1956, by the following vote:
AYES:
Councilmen G. J. Rozzi~ Andrew Rocca, Emilio Cortesi, Francis Lucchio and Leo J. Ryan
NOES:
None
ABSENT:
None
AT~EST:
Arthur A. Rodondi
City Clerk