HomeMy WebLinkAboutReso 186-2018 (18-1009)City of South San Francisco
City Council
Resolution: RES 186 -2018
File Number: 18 -1009
P.O. Box 711 (City Hall,
400 Grand Avenue)
South San Francisco, CA
Enactment Number: RES 186 -2018
RESOLUTION ACCEPTING THE FINANCIAL RESULTS FOR THE
FISCAL YEAR ENDED JUNE 30, 2018, AND APPROVING BUDGET
AMENDMENT 18.034.
WHEREAS, Fiscal Year (FY) 2017 -18 concluded on June 30, 2018; and
WHEREAS, the financial results were presented to the Budget Standing Committee on November 5,
2018; and
WHEREAS, the General Fund, which accounts for 54 percent of all operating revenue and 68 percent of
all operating expenditures, is the City's primary operating fund; and
WHEREAS, in FY 2017 -18, the City's General Fund accounted for $111,700,802 in total operating
revenues and $96,654,644 in total operating expenditures, generating a net operating surplus of
$15,046,158; and
WHEREAS, the General Fund accounted for $8,709,843 in transfers in and $9,841,464 in transfers out,
which generated a total other financing use of $1,131,621; and
WHEREAS, the total net change in General Fund balance was $13,914,537; and
WHEREAS, after funding General Fund reserves in compliance with the City's Reserves Policy, there is
$11,046,000 in remaining surplus equity; and
WHEREAS, staff recommends that the City Council authorize transfer of $10,000,000 of the surplus
equity to the City's Infrastructure Reserve to support future infrastructure needs; and
WHEREAS, staff further recommends that the City Council authorize transfer of the remaining surplus
equity of $1,046,000 to the Ca1PERS Stabilization Reserve.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South San Francisco does
hereby:
Accept the financial results for the fiscal year ended June 30, 2018.
Approve Budget Amendment 18.034
City of South San Francisco Page 1
File Number. 18 -1009 Enactment Number. RES 186 -2018
At a meeting of the City Council on 11/14/2018, a motion was made by Pradeep Gupta, seconded by Richard
Garbarino, that this Resolution be approved. The motion passed.
Yes: 4 Mayor Pro Tern Matsumoto, Councilmember Garbarino, Councilmember Gupta,
and Councilmember Addiego
Absent:
Attest
City of South San Francisco Page 2