HomeMy WebLinkAboutResolution - 1711 RESOLIJI' TON' ND' 1711
A M-Si',.A-Lj7'101\1 0Ht- L,OUNC II_ OF I HE- C I I Y OF
S�'j j jACT NTO, CALI4="ORN . 0), ADOPTING THE BUDGET
A'.it:? APPROVING APPROPRIATIONS FOR THE FISCAL
YEAR ""'DNIMENCING 7L)i-y' 1 � 1907f AND ENDING JUNE
2 30 , 196L3
3
4 THE C,'TIY COL)!,,lClL 01:7 THE f,]ITY OF S A 1\1 J A C I NTO DE:- S 0 L V E A 5
5 FOLLOWS-
6 Section 1 . The Budget T'cr the i t y r,-47 San --'acinto for the
7 -f i-L L,-'t I v e a i- c-o-mm,-nnCing July 1 1, 19877, a, ,no endirg Juy-,-e 301, 1qWt8 ,
8 as pi epar ed c=ind submitted by the City MaviageT 8Tid a5 ML�di-lfieo
approved arid adopted as the
9 Ley the Citl, C rj u i-)r-I a h R'c P b Y
10 budget of the C a.tv of San Jacinto tor said fiscal yea, A COPY
11 of sz.aid budget is t-1 er Ph v o r d e r cd filed in the, off -� -R of t h s,
12 F i t y r,1 e r k a n d s h a I I c,--e r t i f-t c.d by t h a City Clerk --As h=vjn. c
13 bpen adopted by this Re-,elution.
14 Section E. From the c-tf ec,�-,i ve ct,-A t c-, o f s a j (,-1 h ud g e t tl e t C,to 1.
15 'am cr L h Y't stated Lhoruirr fc - each department ac t i v i ty accour)t I' m
16 tl-�e OpF--rat - y-g u Odqet <,,,h a i-
ll be and is ampL,)p s r iaterj ubJPCt to
.11-c) all -.ipplicahle i--irdirianceL-, of the CitN
17 e �`�)El'1cta k-1 T a P�-'�r s'j"1-1 t
18 and t h statutaE of thp StatE� Arp af--;Przn)r i-ation rr�a Y ban
ig �- eal I or sted I -( o dep,wtental a tjv I-Y a count to a )ot,h �-
20 :era thin the Doeratirg Dudgel, upon v-scomplendation and a.pp a f--ovl o
, �c- C,� -y rla r)�i c�j E-
21 L�- providiT-q there is no changp ir, the total
22 allppro,Q6- Sat j or I-jithen any a,---c:o u n t as au t h o r I :,--E,d by the C i ty
23
2,1 Section 3. F-0m the effective d a t C- of sald huclgetl? the total
1� "I �, I or s . h I o PC h e, C,',lap 3, t a 1
25 ar"'u"* P 0 -hRY-e"-i -f -ac P - j - t
sh a --i r-r - - ati,ons may be
,p F� C, � A. I
26 h�"g'L M 1 b e and p -4 "- tsd . A p I n p
-allocaied withirl the C��,P ,'� tal 9urluir" ulDor t h�q r e,�:F)f n T 3 e I a t i o
2"
28 o f t! a C i y r)a ge r a n d pr i ri Y- -�l P p r,C)v a I 'D f t h R l-,i t Y i;n u nc i 'I
29 13ectlon A 4. the c:,I o F,,,F- n-F t h e f 31 a I ve,--o- , unH:-,,Pe-ndf-,d
-io apprnpri rat; iun:, in -the D p ET T-&i t i n, u,d,9 E-t wi I I be encumber ed as
31 F yf o uvlde!3-v;l- i te the expense of 0 u t�s t avid i nq p - s,
32 c u,m m i t m Pm nts L I v i e p F-.r r d e d arm P apr,i a t�, -L)n, for. -,AU L h 0 T" i ed bu t
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Resolution No .
Page 2
incompleted project� in the Capital Budget as appCoved by the
�
City Coumcil may be carri�7.,d forward to tAe next Succeeding
2
budget upon recommendation amd approval of the City ManaQer .
�
Section 5" Total appropriations within A l b�
4
increased or decreased only by amendment of the budget by
5
motion of the City Cuuncil °
6
Section 6~ Section 7901 of the California Governm�nt Code
7
providps for the establishment of a formal spending limi tat ion .
�
DatEA E�upporting the Iimitat1on has been available for
�
review fifteen days prior to the adoption of the limitation .
10
The sp�ndirig limitation for the fiscal vaar 1987-l98B is here—
by' established at $3,636,557.00 subject to late adjustments for
12
annexation� and newly assumF�d services "
Section 7. The City re41jired to review and adopt an lnvest-
14
mpnt policy each year ° The investment �,-)olicy as submitted is
hereny incorporated by attachment ( Attachment A ) .
]G
Section 7" The City Clerk shaII certify to the adoption of
17
thIs Resolution.
18
19 ��[���� n PASSED and ADOPTED a r S
t a eguler meeting held this 0th
20 day uf June 1 1]7, by the f * e ollowing ot :
AYES: [OUOCil08O Divine, Stevens , Redding, Ford and Stuart
21
NOE�: None
22
23 ABSENT: None
24 AD�TAINED: None
ATTEST:
25
26 �
27
28 CERTIFICATE
29 The foregoing is certified to be a true copy of RpsoIution No "
1711 duly adopted by said C y it Council of the City of San
30 Jacinto on tho date therein aet forth .
3� We; � ���, �y �^ cy � �e, m
C = Z'Y OF SAN .7AC=1q2'O
=NVESTMENT T'OL,= CY
Fiscal Year 1987-88
The City has a fiduciary responsibility to maximize the productive use of assets en-
tnusted to its care and to invest and manage those public funds wisely and prudently
to assure a steady source of income; long-and short-term needs; protect against fin-
ancial catastrophies and getting further ahead each year. Therefore, the City of
San Jacinto handles its inactive funds under a prudent man's rule. This affords the
City a broad spectrum of investment opportunities so long as the investment is deemed
prudent and is allowable under current legislation of the State of California and
the local ordinances of the City of San Jacinto.
In addition, the City recognized that it has an equal obligation to be aware of the
social and political impacts of its investments and subsequently to act responsibly
in making its financial decisions .
The City of San Jacinto shall strive to maintain the level of investment of all in-
active funds as near 100 percent as possible, through daily and projected cash flow
determinations. Investment transactions are the responsibility of the City Treasurer
and investments are made in the following media:
( a) Securities of the US Government or its agencies
(b) Certificates of Deposits (or Time Deposits) , placed with commercial
banks and savings and loan companies
(c) Local Agency Investment Fund demand deposits (State of California)
(d) Criteria for selecting investments and the order of priority are:
1 ) Safety, 2) Liquidity and 3) Yield
Government and agency paper are the highest quality investment available in terms of
safety and liquidity. Certificates of deposits are insured or collateralized.
[lost investments are highly liquid, with the exception of collateralized certificates
of deposits held by banks and savings and loans. Maturities are selected to antici-
pate cash needs, thereby avoiding the need for forced liquidation. The primary goal
of liquid cash management is to make operating cash available to meet the routine
and recurring expenses of the City and further anticipate the more infrequent, yet
significant cash needs of capital equipment and facility commitments
The City shall attempt to ladder its maturities to meet anticipated cash needs in
such a way that new investment money can be placed in maturities that carry a higher
rate than is available in the extremely short market of thirty days or under.
The City operates its investment pool with many State and self-imposed constraints.
It does not buy stock or deal in futures or options. Longer-term investments (over
one year) are generally limited to maturities of five years or less and only rarely
do they extend beyond ten years. Investments in which principal balances are consid-
ered market-sensitive in relation to changing interest rates are limited to a small
portion of the total investment pool .
The basic premise underlying the City's investment philosophy is to ensure that money
is always available when needed and at the same time reaping the highest and best
return.