HomeMy WebLinkAboutResolution - 1907 RESOLUTION NC. 190-
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•.� 2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SAN JACINTO. CALIFORNIA. ADOPTING THE BUDGET
3 ANO APPROVING APPROPRIATIONS FOR THE FISCAL
YEAR COMMENCING SULy 1 , 1990, AND FNDING JUNE
4 30 , 1991
5 THE CITY COUNCIL OF THE CITY CF SAN JACINTU DOES RESOLVE AS
6 FOLLOWS:
7 Section I . The Budget for the Citv of San Jacinto for the
8 fiscal year commencing July 1 . 1990, and ending Sure 30, 1491 ,
9 as prepared and submitted by the City Manager art as modified
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by the City Council , is hereby approved and adopted as the
11 budget of the City of San Jacinto for said fiscal year . A ccpy
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of said budget is hereby ordered filed in the office of the
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City Clerk and shall be certified by the City Clerk as having
19 bean adopted by this Resolution.
15 Section 2. From the effective date of said budget, the total
16 amount stated therein for each department activity accnunt in
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the Operating Budget shall be and is appropriated subject to
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expenditure pursuant to all applicable ordinances of the City
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and the statutes of the State. An appropriation may be
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reallocated from one departmental activity accnunt to another
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within the Operating Eudnet upon recommendation and approval of
22 the City Manager, providing there is no change in the total
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appropriation within anv account .as authorized by the City
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Council .
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Section 3. Prom the effective date of said hudget , the total
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amount as stated therein for each project In the Capital
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Budget shall be and is appropriated. Appropriations may be
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reallocated within the Capital Budget upon the recommendation
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of the City Manager and prim approval of the City Council .
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Section 4. At the close of the fiscal year, unexpended
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appropriations in the Operating Budget will be encumbered as
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necessary to underwrite the expense of outstanding purchase
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Commitments . Unexpended appropriations fer authorized but
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Resolution No. 1907
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2 :nccmpietzd proJects in the Capital Burger as aps:roved by the
3 City Courcil may be carried forward to the next sucEeedi"u
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budget upon --commendation and approval of the City 'Manager .
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Section 5. 'Total appropriations within Nccounts will oe
6 :rC7ea52o or decreased only by amendment of Me budget ty
7f' motion Cf the City Councll .
8 Section 6. Section 1901 of the California Government Code
9 provides for the establishment of a formal Spending Limitation.
10
Data supporting the spending Limitation has been available for
11 review fifteen days prior to the adoption of the limitation.
12 The spending limitation for the fiscal year 1990-1991 is here-
13 by established at $5,569,979.00 s"bjprt to late aljustments for
14 annexations and newly assumed services.
15 Section 7. The City is required to review and adopt ar invest-
16 ment policy each year . The investment policy as submitted is
17 hereby incorporated by attachment (Exhibit "A- ) .
18 Section 7. The City Clerk shall certify to the adoption of
19 this Resolution.
20 MOVED, PASSED and ADOPTED at a regular meeting held this 7tfi
21 Kay of August 1990, by the following vote:
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AYES: Councilmen Boykin, Divine, Ford and Rose
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k hF1]ES- None
24 ABSENT: Councilman Redding
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ABSTAINED: i
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A' iEET :
27 ; _ -- _�------
Mayor
28 ----------- --
Deputy City Cleric
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30 CERTIFICATE
311 The foregoing is certified to be a true copy of Rescl atior Nn -
190? duly adopted by said City Council of the City of San
32 7aC.nto on the date therein set forth .
Deputy _{tv Llerl
C2TY b _'SAW ..7ACZNTO
�NVES TMEN'T' POL.S C12e,
Fiscal Year 1990-1991
The City has a fiduciary responsibility to ntaximize the productive use of assets e
tnusted to its care and to invest and manage those public funds wisely and prudent
to assure a steady source of income; long-and short-term needs; protect against fi
arcial 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 t.
City a broad spectrum of investment opportunities so long as the investment is dee
prudent and is allowable under current legislation of the State of California and
the local ordinances of the City of San Jacinto.
In iition, the City recognizes that It has an equal obligation to be aware of tht
soc.al and political Impacts of its investments and subsequently to act responsibi.
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 flo+
determinations. Investment transactions are the responsibility of the City Treasur
and investments are made in the following media:
(a) Securities of the US Government or its agencies
(b) Certificates of Deposits (or Time Oeposits) , 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
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Government and agency paper are the highest quality investment available in terms o
sa y and liquidity. Certificates of deposits are insured or collateralized.
Most investments are highly liquid, with the exception of collateralized certificate
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 goa
of liquid cash management is to make operating cash available to meet the routine
and recurring expenses of the City and `urther anticipate the more infrequent, yet
significant cash needs of capital equipment and facility comitments
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 consic
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 CiCy's investment philosophy is to ensure that monf
Is always available when needed and at the same time reaping the highest and best
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