HomeMy WebLinkAboutR-1088-3-92RESOLUTION NO. 1088-3-92 (R)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, ADOPTING CERTAIN POLICIES DESIGNATING THE
ACCUMULATION OF GENERAL FUND RESERVES AND REGULATING THE
USE OF THOSE RESERVES.
WHEREAS, the Allen City Council desires to adopt policies designating the accumulation
of General Fund Reserves; and
WHEREAS, the Allen City Council desires to regulate the use of those reserves.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY, TEXAS THAT:
SECTION 1: The City will maintain a General Fund reserve equal to between 55 and 60
days of operations.
SECTION 2: Reserve funds will only be used for one time, non-recurring projects or
for emergencies.
SECTION 3: Reserve funds cannot be used except in dire emergencies if the reserves
fall below 55 days of operations.
SECTION 4: If the reserve fund is greater than 60 days of operations at the end of the
fiscal year, the City Council will decide on the use of those funds as part of the budget
process.
SECTION 5: If the reserve fund is equal to an amount between 55 and 60 days, the City
Council may consider mid -year use of the reserves on a discretionary basis as long as
the reserves do not fall below 55 day of operations.
SECTION 6: The City Council must approve all uses of the reserve funds.
DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY; TEXAS ON THIS 19TH DAY OF MARCH, 1992.
APP :VED:
Gary Edstrom, MAYOR PRO 'TEM
i
ATTEST:
dy M4mon, CITY SECRETARY