HomeMy WebLinkAboutReso 145-2017 (17-852)City of South San Francisco P.O. Box 711 (City Hall,
400 Grand Avenue)
South San Francisco, CA
City Council
Resolution: RES 145 -2017
File Number: 17 -852 Enactment Number: RES 145 -2017
RESOLUTION ACCEPTING THE YEAR -END FINANCIAL
RESULTS AND AMENDING THE BUDGET FOR FISCAL YEAR
2016 -17.
WHEREAS, staff has transmitted the Fiscal Year 2016 -17 year end results for the City of South San
Francisco to the City Council; and
WHEREAS, after accounting for purchase order and capital improvement project commitments, the
Fiscal Year 2016 -17 year end results in a General Fund surplus of $4.2 million; and
WHEREAS, staff recommends that the City Council approve various budget actions as incorporated into
this Resolution by reference; and
WHEREAS, such approval will result in General Fund Reserves of $19.7 million, an Infrastructure
Reserve of $5.1 million, Caltrain Station Relocation Project Reserve of $8.7 million, and a Ca1PERS
Stabilization Reserve of $4.5 million as of June 30, 2017.
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 2016 -17 year -end financial results; and
Approves transfer of $2.2 million in remaining General Fund surplus to the Infrastructure Reserve; and
Approves transfer of $0.5 million in remaining savings from prepayment of the employer pension
contribution to Ca1PERS to the Ca1PERS Stabilization Reserve.
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 2016 -17 in order to close the books for Fiscal Year 2016 -17.
At a meeting of the City Council on 11/8/2017, a motion was made by Richard Garbarino, seconded by
Karyl Matsumoto, that this Resolution be adopted. The motion passed.
Yes: 5 Vice Mayor Normandy, Councilmember Garbarino, Councilmember
Matsumoto, Mayor Gupta, and CouncilmemberAddiego
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