HomeMy WebLinkAboutCity of Tamarac Resolution (13)Temp. Reso. #9613
11 /19/01
Revision #1 — 12/31 /01
Revision #2 — 1 /02/02
Page 1
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-2002-013
A RESOLUTION OF THE CITY COMMISSION OF
THE CITY OF TAMARAC, FLORIDA, CREATING A
RESERVE ACCOUNT TITLED "RESERVE FOR
ECONOMIC STABILIZATION" IN THE GENERAL
FUND IN THE AMOUNT OF $2,000,000;
APPROVING ALL NECESSARY BUDGET
TRANSFERS PROVIDING FOR CONFLICTS;
PROVIDING FOR SEVERABILITY; AND PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, the recent economic downturn, compounded by the tragic
events of September 11th, has resulted in reduced tourism which could result in a
reduction of state revenues for the City; and
WHEREAS, the establishment of a reserve account in the General Fund
titled "Reserve for Economic Stabilization" will assist in offsetting the impact of
any economic downturns that the City could be subject to; and
WHEREAS, the Assistant City Manager/Interim Director of Finance has
determined, through an assessment of the preliminary year end financial data
and current obligations of the City, that sufficient funds exist to establish such a
reserve account; and
WHEREAS, the Assistant City Manager/Interim Director of Finance and
City Manager recommend the establishment of a "Reserve for Economic
Stabilization" account in the General Fund and a transfer of 12,000,000 from
undesignated fund balance to the newly established "Reserve for Economic
Stabilization" account; and
Temp. Reso. #9613
11/19/01
Revision #1 —12/31 /01
Revision #2 — 1 /02/02
Page 2
WHEREAS, the City Commission of the City of Tamarac, Florida deems it
to be in the best interest of the citizens and residents of the City of Tamarac to
create a reserve account titled "Reserve for Economic Stabilization" in the
General Fund in the amount of $2,000,000.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
SECTION 1: The foregoing "WHEREAS" clauses are hereby ratified and
confirmed as being true and correct and are hereby made a specific part of this
Resolution.
SECTION 2: The budget of the City of Tamarac is hereby amended to
create a reserve account titled "Reserve for Economic Stabilization" in the
General Fund in the amount of $2,000,000.
SECTION 3: That all necessary Budget Transfers are hereby approved.
SECTION 4: All resolutions or parts of resolutions in conflict herewith are
hereby repealed to the extent of such conflict.
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Temp. Reso. #9613
11 /19/01
Revision #1 — 12/31 /01
Revision #2 — 1/02/02
Page 3
SECTION 5: If any clause, section, other part or application of this
Resolution is held by any court of competent jurisdiction to be unconstitutional or
invalid, in part or application, it shall not affect the validity of the remaining
portions or applications of this Resolution.
SECTION 6: This Resolution shall become effective immediately upon its
passage and adoption.
PASSED, ADOPTED, AND APPROVED this 9t" day of January, 2002.
ATTEST:
MARIO_N SW NSON, CMC
CITY CLERK
I HEREBY CERTIFY that I
have proved this
R II�ION ask form.
ITCHELL S. KF
CITY ATTORN
C zv�
JOE SCHREIBER
MAYOR
RECORD OF COMMISSION VOTE:
MAYOR SCHREIBER Ayes
DIST 1: COMM. PORTNER Ae.
DIST 2: COMM. MISHKIN A Pi
DIST 3: V/M SULTANOF Aev
DIST 4: COMM. ROBERTS A e.