TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: A Resolution of the City Commission of the City of North Port, Florida, Establishing the Threshold for the Economic Stabilization Reserve for Fiscal Year 2022-2023 for The General Fund, The Building Fund, The Fire Rescue District Fund, The Road and Drainage District Fund, and The Solid Waste District Fund, Pursuant to City Commission Policy No. 2020-05; Providing for Findings; Providing for Authorization; Providing for Conflicts; Providing for Severability; and Providing an Effective Date.
Recommended Action
Approve Resolution No. 2022-R-61 to exceed the Economic Stabilization Reserve for Fiscal Year 2022-2023.
Background Information
The Fund Balance Policy establishes Economic Stabilization Reserves for the General Fund, Building Fund, Fire Rescue District Fund, Road and Drainage District Fund, and Solid Waste District Fund to maintain up to ten percent (10%) of expenditures to be used for the following purposes:
Ø Short-term cash flow purposes or unanticipated expenditures of a non-recurring nature.
Ø To meet unexpected immediate increases in service delivery costs.
Ø To maintain service levels if an economic downturn should cause a shortfall in revenues.
Resolution No. 2022-R-61 has been reviewed by the City Attorney and is legally correct as to form.
Strategic Plan
Efficient and Effective Government
Financial Impact
Resolution No. 2022-R-61 allows the General Fund, Building Fund, Fire Rescue District Fund, Road and Drainage District Fund, and Solid Waste District Fund to exceed the ten percent (10%) threshold for Fiscal Year 2022-2023.
Procurement
Not applicable.
Attachments:
1. Resolution No. 2022-R-61
2. Fund Balance Policy 09-22-2020
Prepared by: Tiffany Fowler, Accountant III
Department Director: Kimberly Williams, Finance Director