HomeMy WebLinkAboutReso 126-2016 (16-737) sAA, City of South San Francisco P.O. Box 711 (City Hall,
, ? 400 Grand Avenue)
South San Francisco, CA
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Resolution: RES 126-2016
File Number: 16-737 Enactment Number: RES 126-2016
RESOLUTION ACCEPTING THE YEAR-END FINANCIAL
RESULTS AND AMENDING THE BUDGET FOR FISCAL YEAR
2015-16.
WHEREAS, staff has transmitted the Fiscal Year 2015-16 year end results for the City of South San
Francisco to the City Council; and
WHEREAS,the Fiscal Year 2015-16 year end results in a General Fund surplus of$5.7 million; and
WHEREAS, staff recommends that the City Council approve various budget actions as described in
Exhibit 1, attached hereto, and incorporated into this Resolution by reference; and
WHEREAS, such approval will result in General Fund Reserves of $18.5 million and a PERS
Stabilization Reserve of$4.0 million as of June 30, 2016.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South San Francisco
hereby takes the following actions:
Accepts the Fiscal Year 2015-16 year-end financial results; and
Approves the various budget actions as described in Exhibit 1, attached hereto, and incorporated into this
Resolution by reference.
BE IT FURTHER RESOLVED that the Director of Finance is hereby authorized to make any budget
changes consistent with what is presented herein as recommended by the City of South San Francisco's
external auditors for Fiscal Year 2015-16 in order to close the books for Fiscal Year 2015-16.
At a meeting of the Special City Council on 11/7/2016, a motion was made by Richard Garbarino,
seconded by Pradeep Gupta, that this Resolution be approved.The motion passed.
Yes: 5 Matsumoto, No andy,Addiego, Gupta, and Garbarino
Attest y /`
- a Martinelli
Page 1
EXHIBIT 1
FY 2015‐16 Year End Budget Adjustments
FundDescriptionAmount
General FundTransfer Out to PERS Stabilization Reserve4,000,000$
Benefits FundTransfer In from General Fund for PERS Stabilization Reserve4,000,000$