HomeMy WebLinkAboutResolution - 1831 RESOLUTION NC. 1831
A RESOLUTION JF THE CITY COUNCIL OF THE CITV OF
] SAN JACINTO, CALIFORNiA, ADOPTING THE BUDGET
AND APPROVING APPROPRIATIONS FUR THE FISCAL
2 YEAR COMMENCING JULY 1 , 19S9, AND ENDING JUNE
.1
4 THE CITV COUNCIL CF THE CITV OF SAN JACINTO DUES RESOLVE AS
5 FOLLOWS:
G Section 1 . The Budget for the City of San Jacinto for the
fiscal year commencing July 1 , 1909, and ending June 30, 1990,
R as prepared and submitted by the City Manager and as modified
9 by the City Council , is hereby approved and adopted as the
10 budget pf the City of San Jacinto for said fiscal year . A copy
11 ❑f said budget is hereby ordered filed in the office of the 9
12 Ci-y Clerk and shall be certified by the City Clerk as having
13 been adopted by this Resolution.
14 Section 2. From the effective date ❑f said budget, the total i
]J amount stated therein for each department activity account in
16 the Operating Budget sha1L be and is appropriated subject to
17 expenditure pursuant to all applicable ordinances of the City
18 and the Statutes of the State. An appropriation may be
10 reallocated from one departmental activity account to another
20 within the Operating Budget UOon recommerdatien and approval of
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21 t5e City Manager , providing there is no change in the total
22 appropriation within any account as authorized by tt�e City
23 Council .
24 Section 3. From the effective date of said budget, the total
25 amount as Stated therein far each project in the Capital
'7 j! Huriget sh ail be and is appropriated . Appropriations may be
27 resllucaLed within the Capital Budget upon the recommendation
28 of the City Manager and prior approval of the pity Council .
29 Section 4. At the close of the fiscal year , unexpended
3�1 appropriations in the Operating Budget will be nrcumbvred as
311 necessary to underwrite the expense of outstanding purchase
321 commitments. Llnewpended appropriations for authorized 5ut
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Resolution No. 1831
Page 2
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I Inrem❑letedl ircIec!S 11 the apltal 9udget aS aopreved by -he
n _
G '_itv youncil may ❑e carried forward *,p *.he nex' siicreedinq
3 budget upon recommendation and approval of the City "tanager .
4 Section 5. Total aoprcpriations within Accounts will t•e
5 ,ncreasee ❑r decreased only by amendment or the budget by
ft motion of the City Cauncil .
Section 6_ Section "0001 of the '_ailfOrnla Soverr.ment Code
provide,, for the establishment of a formal spending ', imitation.
Data supporting the Spending limitation has hezn available for
10 review fifteen days arior to the adoption of the limitation.
11 The spending limitation for the fiscal year 1989-1490 is here-
12 by established at $4,999,892.00 subject to late adjustments for
13 annexations and newly assumed services.
14 Section 7. The City is required to review and adopt an invest-
ment policy each year . The investment policy as submitted is
1G herehy incorporated by attachmert (exhibit "A" ) ,
11 Section 7. The City Clerk shall certify to the adoption of
18 this Resolution.
19 MOVED, PASSED and ADOPTED at a regular meeting held this 20th
' cay of dune 1989, by the following vote:
2111 avEE: Councilmen Boykin, Rose, Divine and Ford
22� NOES: None
23i1 ABSENT: Councilman Redding
24 ABSTAtNED- None
25 ArrE=,26
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+ j1y fst4'
1, /)
27 : Deputy City Clerk
28
CERTIFICATE
29
The fcr r t f ecoirg :s cetified to be a rue coot' o Resolution No.
'10.i 13sl =ul' adooted :�� sold City '.ou r�cil � .he i�i tv of SaT3
=acirto on the date t'Tere:n 527: forth .
}%Bw ,1 l
32
it Deputy Cit , Clem, -
I I
cm= OF, SP.N .7AGZN'SO
TNVES'Z`MENT POLE CY
Fiscal Year 1989-90
The City has a fiduciary responsibility to maximize the productive use of assets en-
trusted to its care and to invest andmanage 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 mar'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 protected 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
W 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.
Most investments are highly liquid, with the exception of collateralized certificates
of deposits held by banks and savings and loans. Iiaturitles 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 mone;
Is always available when needed and at the same time reaping the highest and best
return.