HomeMy WebLinkAboutCOM 0177.143 1998-2000 Council moves
to control fund
The City Council is seek
ing more control over the - ~ IIECEN~
city's special reserve fund,
originally under the juris- !
diction of the city's Chief ~+e+r ca,ndi
budget officer to determine
when money could be di-
retied tothefund
' The council has now ap-
proved abill that autho-
rues the council to appro-
priate money to the fund
and deposit funds from the
sale of city property.
This past week, the
Council's Budget and Eco-
• nomic Development Com-
mitteegave preliminary ap-
pmval to put a little more
than $5 million in general
funds into the reserve. The
full Council is to vote on the
measure June 30.
The money is part of the
cost savings received when
the Legislature reduced the
city's 1998 contribution to
the Employees Retirement
System.
The fund is used for dis-
aster relief, unanticipated
obligations and significant
events endangering
residents. ,
P' 3~1 s~v~
Comm. No. I ~ ~ I r{-j
File No, 'tom(.
Ref. To: ~ C o u ~ ~ ~
Ref. Date 3 1999