HomeMy WebLinkAboutCity Council Resolution 01-036RESOLUTION NO. 01-036
A RESOLUTION OF THE CITY COUNCIL OF THE CITY COUNCIL OF THE CITY
OF SARATOGA ADOPTING THE BUDGET FOR FISCAL YEARS 2001-02 AND 2002-03,
MAKING APPROPRIATIONS, AND AUTHORIZING CARRYOVERS THERETO AND
EXPENDITURES THEREFROM
WHEREAS on June 6, 2001, the City Manager forwarded to the City Council of the City
of Saratoga the proposed budget for the Fiscal Year 2001-02 and Fiscal Year 2002-03; and
WHEREAS, the City Council did review the proposed budget at a duly advertised public
hearing on the proposed budget and took cognizance of all testimony presented, both oral and
written, at its regularly scheduled meeting of June 6, 2001.
NOW, THEREFORE, the City Council of the City of Saratoga hereby resolves as
follows:
Section 1: The City Council hereby approves expenditures in the following mounts for
Fiscal Years 2001-02 and 2002-03 from the consolidated budgets:
FY 2001-02
Operating Programs
General Government
Library Project
Capital Projects
Contingency Appropriation
Total Budget
FY 2002-03
$11,539,385 $11,474,178
2,803,615 $2,816,401
14,000,000 0
5,876,203 0
200,000 200,000
$34.419.203 $14.490.579
No expenditures beyond said amounts are authorized without further action by the City
Council. Any adopted expenditure not expended shall be carried over to future years for
subsequent expenditure authorization.
Section 2: The following appropriations for Fiscal Years 2001-02 and 2002-03 are hereby
approved:
From Current Revenues
From Library Bond Proceeds
(To) From Fund Balances
Total Budget
FY 2001-02
FY2002-03
$16,752,571 $15,273,329
15,000,000 0
2,666,632 (782,750)
$34.419.203 $!4,490.579
.Section 3: Restricted reserves shall be utilized exclusively for the purposes designated in
the budget document. No expenditures from the reserves are specifically author/zed. Rather,
reserves shall be transferred to the appropriate budget by specific action of the City Council as
deemed necessary. Funds remaining in reserves at the end of the fiscal year shall be carried over
to future years at the City Council's discretion. The General Operating Reserve shall be used
exclusively for the purpose of providing necessary funds for cash flow, emergency operations,
and to supplement the total Budget as needed. Accordingly, a minimum reserve of $2,000,000,
plus accrued interest thereon, of General Fund operating appropriations shall be maintained at the
close of the fiscal year. An Economic Uncertainty Reserve of $1,500,000 shall be established as
of June 30, 2001, for future fiscal security in the event of an economic downturn or reductions in
revenues from the State of California.
Section 4: This resolution shall be operational on July 1, 2001, and may be amended from
time to time by resolution of the City Council.
The above and foregoing resolution was passed and adopted at a regular meeting of the
Saratoga City Council held on the 6th day of June, 2001 by the following vote:
AYES: Councilmembers Evan Baker, Stan Bogosian, Ann Waltonsmith
Vice Mayor Nick Streit, Mayor John Mehaffey
NOES: None
ABSENT: None
ABSTAiN: None
Mayo//