HomeMy WebLinkAboutCity Council Resolution 03-034
RESOLUTION NO. 03-034
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF SARA TOGA ADOPTING THE OPERATING BUDGET
FOR FISCAL YEAR 2003-2004.
WHEREAS, there has been submitted to the City Council a Preliminary Budget for the
operation of all departments and facilities of the City of Saratoga for the Fiscal Year 2003-2004;
and
WHEREAS, the City Council held meetings to review the proposed operating budget
and advertised for a public hearing to allow testimony to be presented at its regularly scheduled
meeting on June 4,2003.
NOW, THEREFORE, The City Council of the City of Saratoga hereby resolves as follows:
Section 1. Adoption bv Reference.
The 2003/04 Preliminary Budget for the City of Saratoga, California covering the period
from July I, 2003 through June 30, 2004 with expenditure appropriations in the amount of
$18,012,017 is hereby resolved as the Adopted Budget
General Fund
Special Revenue Funds
Capital Project Funds
Debt Service Funds
Agency Funds
FY 2003-04
$10,024,404
6,685,584
98,369
1,024,635
179,025
$18,012,017
Note: (Gross appropriations inclnde operating transfers and exclnde the netting of indirect reimbursements).
Section 2. Restricted Reserves
Restricted reserves shall be utilized exclusively for the purposes designed in the budget
document No expenditures from the reserves are specifically authorized_ Rather, reserves shall
be transferred to the appropriate budget by specific action of the City Council as deemed
necessary. Funds remaining in reserves at the end of the fiscal year shall be carried over to
future years at the City Council's direction. The General Operating Reserve shall be used
exclusively for the purpose of providing necessary funds for cash flow, emergency operations,
and to supplement the total Budget as needed. Accordingly, the minimum reserve of2,000,000
established in previous fiscal years shall continue to accrue interest thereon, in the City's General
Fund. The Economic Uncertainty Reserve of$I,500,000, shall be carried forward and continued
with the purpose of providing for future security in the event of an economic downturn or
reductions in revenues from the State of California, as established June 30,2001.
Section 3. Effective Date
This resolution shall be operational on July I, 2003, and may be amended trom time to
time by resolution of the City Council.
AND BE IT FURTHER RESOLVED, the above and foregoing resolution was passed and
adopted at a regular meeting ofthe Saratoga City Council held on the 4th day of July 2003 by the
following vote:
AYES:
Councilmembers Stan Bogosian, Kathleen King, Norman Kline,
Vice Mayor Ann Waltonsmtih, Mayor Nick Streit
NOES: None
ABSENT: None
ABSTAIN: None
[\)<b~.
Nick Streit, Mayor
ATTEST
lerk