HomeMy WebLinkAboutReso 60-2022 (22-308)City of South San Francisco P.O. Box 711 (City Hall,
400 Grand Avenue)
South San Francisco, CA
City Council
Resolution: RES 60-2022
File Number: 22-308 Enactment Number: RES 60-2022
RESOLUTION APPROVING THE TRANSFER OF $8.5
MILLION FROM GENERAL FUND SURPLUS FUND
BALANCE TO THE INFRASTRUCTURE RESERVES
AS RECOMMENDED IN THE FY2021-22 MID -YEAR
FINANCIAL UPDATE TO CITY COUNCIL ON
FEBRUARY 23RD, 2022.
WHEREAS, the City's Finance Director provided a verbal presentation and written staff report
to City Council during the FY2021-22 Mid -Year financial update at the February 23rd City Council
meeting; and
WHEREAS, within that presentation and staff report, a recommendation was given to transfer
$8.5 million from General Fund surplus fund balance to the Infrastructure Reserves fund; and
WHEREAS, the associated resolution that was passed did not provide express authority to
transfer said funds from General Fund surplus fund balance to the Infrastructure Reserves fund; and
WHEREAS, authority to transfer $8.5 million from General Fund surplus fund balance to the
Infrastructure Reserves fund is hereby now provided.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San
Francisco that the City Council approves the transfer of $8.5 million from General Fund surplus fund
balance to the Infrastructure Reserve fund.
At a meeting of the City Council on 4/27/2022, a motion was made by Councilmember Addiego,
seconded by Councilmember Flores, that this Resolution be approved. The motion passed.
Yes: 5 Mayor Nagales, Vice Mayor Nicolas, Councilmember Coleman, Councilmember
Flores, and Cquncilmember Addiego
Attest by (I'WALdwl�
sa Govea Acosta, City Clerk
City of South San Francisco Page 1