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2020-15 RESOLUTION NO. 2020-15 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAND TERRACE, CALIFORNIA, COMMITTING FUND BALANCE FOR FISCAL YEAR 2019-20 IN ACCORDANCE WITH GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT 54 AND CITY RESERVES POLICY NO. 3.06 Recitals WHEREAS, the Governmental Accounting Standards Board (GASB) issued Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, establishing a hierarchy clarifying the constraints that govern-how a government entity can use amounts reported as fund balance; and WHEREAS, GASB 54 allows the governing body to formalize the commitment of unassigned fund balance to a specified purpose; and WHEREAS, the City Council of the City of Grand Terrace is the highest level of decision-making authority for the City of Grand Terrace, and has the authority to commit, assign, or evaluate existing fund balance classifications and identify the intended uses of committed or assigned funds; and WHEREAS, the committed fund balance classification reflects amounts subject to internal restraints self-imposed by the City Council; and WHEREAS, once the committed fund balance restraints are imposed, it requires the constraint to be removed by the City Council prior to redirecting the funds for other purposes; and WHEREAS, the City Council has determined it will commit its General Fund reserves for Fiscal Years 2019-20 as shown in the table below. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF GRAND TERRACE, CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS: 1. The City Council finds that the above recitations are true and correct and, accordingly, are incorporated as a material part of this Resolution. 2. The City Council hereby commits the following fund balance as shown in the table below for fiscal year 2019-2020 in accordance with Governmental Accounting Standards Board Statement 54 and City Reserves Policy No. 3.06: CC Reso No. 2020-15 Page 1 of 3 May 26, 2020 Grand Terrace CA 92313 DAYTIME TELEPHONE NUMBER EMAIL ADDRESS ( 909 )824-6621 ext. 212 dgonzales@grandterrace-ca.gov I have used all reasonable diligence in preparing this statement. I have reviewed this statement and to the best of my knowledge the information contained herein and in any attached schedules is true and complete. I acknowledge this is a public document. I certify under penalty of perjury under the laws of the State of California that the foregoing is true and correct. Date Signed b 3- .! Signature (month,day,year) (File the riginally ned paper element with your filing official) FPPC Form 700-Cover Page(2019/2020) advice@fppc.ca.gov•866-275-3772•www.fppc.ca.gov Page-5 SECTION 12. This resolution shall take effect immediately upon adoption by the City Council, and the City Clerk shall certify the vote adopting the resolution. CC Reso No. 2020-17 Page 2 of 3 June 9, 2020 City of Grand Terrace Fund Balance Designation: FY2019-20 I Nonspendable: Prepaid Costs $0 i Deposits $0 Restricted for: Community Development Projects j $0 (e.g. Parks Fund, Facilities Fund) Public Safety (e.g. SLESF Fund) $0 Public Works (e.g. Street Fund, facilities projects) $0 Infrastructure Projects i $1,966,208 Committed to: Committed to Contingencies $646,925 Committed to Community Services • Community Benefits Fund: #61 $850 • Light Up Grand Terrace Fund: #62 i $2,250 I T Assigned Assigned for continuing appropriations (commitments, projects approved in current and $50,000 prior years that must be carried forward into the new fiscal year) Assigned for future debt obligations $94,000 Unassigned P) Total Fund Balance, GENERAL FUND $2,760,233 3. If any section, subsection, sentence, clause, phrase, or portion of this Resolution is for any reason held to be invalid or unconstitutional by the decision of any court of competent jurisdiction, such decision shall not affect the validity of the remaining portions of this Resolution. The City Council of the City of Grand Terrace hereby declares that it would have adopted this Resolution and each section, subsection, sentence, clause, phrase, or portion thereof irrespective of the fact that any one or more sections, subsections, sentences, clauses, phrases, or portions be declared invalid or unconstitutional. 4. The City Clerk shall certify to the adoption of this Resolution. CC Reso No. 2020-15 Page 2 of 3 May 26, 2020 terial part of this Resolution. 2. The City Council hereby commits the following fund balance as shown in the table below for fiscal year 2019-2020 in accordance with Governmental Accounting Standards Board Statement 54 and City Reserves Policy No. 3.06: CC Reso No. 2020-15 Page 1 of 3 May 26, 2020 Grand Terrace CA 92313 DAYTIME TELEPHONE NUMBER EMAIL ADDRESS ( 909 )824-6621 ext. 212 dgonzales@grandterrace-ca.gov I have used all reasonable diligence in preparing this statement. I have reviewed this statement and to the best of my knowledge the information contained herein and in any attached schedules is true and complete. I acknowledge this is a public document. I certify under penalty of perjury under the laws of the State of California that the foregoing is true and correct. Date Signed b 3- .! Signature (month,day,year) (File the riginally ned paper element with your filing official) FPPC Form 700-Cover Page(2019/2020) advice@fppc.ca.gov•866-275-3772•www.fppc.ca.gov Page-5 SECTION 12. This resolution shall take effect immediately upon adoption by the City Council, and the City Clerk shall certify the vote adopting the resolution. CC Reso No. 2020-17 Page 2 of 3 June 9, 2020 5. This Resolution shall take effect immediately upon its adoption. PASSED, APPROVED AND ADOPTED by the City Council of the City of Grand Terrace at a regular meeting held on the 26th day of May 2020. Vt'•DIP ar Mayor ATTEST: - Debra_I homas City Clerk APPROVED AS TO FORM: 4L. /e , Adrian R. Guerra City Attorney CC Reso No. 2020-15 Page 3 of 3 May 26, 2020 adopted by the following vote: AYES: Council Members Allen, Hussey, Robles; Mayor Pro Tern Wilson; Mayor McNaboe NOES: None. ABSENT: None. ABSTAIN: None. Executed this 10th day of June 2020, at Grand Terrace, California. gebra L. Thomas::_ =� City Clerk STATE OF CALIFORNIA ) COUNTY OF SAN BERNARDINO ) CITY OF GRAND TERRACE ) I Debra L. Thomas, City Clerk of the CITY OF GRAND TERRACE, CALIFORNIA, DO HEREBY CERTIFY that the foregoing Resolution, being Resolution No. 2020-15 was duly passed, approved and adopted by the City Council, approved and signed by the Mayor, and attested by the City Clerk, at the regular meeting of said City Council held on the 26th day of May 2020, and that the same was passed and adopted by the following vote: AYES: Council Members Allen, Hussey, Robles; Mayor Pro Tern Wilson; Mayor McNaboe NOES: None. ABSENT: None. ABSTAIN: None. Executed this 27th day of May 2020, at Grand Terrace, California. Debra L. homas City Clerk — - ty Clerk