HomeMy WebLinkAboutR-11327 approving an amendment to the 2021-22 Budget AllocationR 11327
RESOLUTION NO. 11327 (2022 SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, APPROVING AN AMENDMENT TO THE 2021-
22 BUDGET ALLOCATION
WHEREAS, in accordance with the San Luis Obispo City Charter Section 802, the
City Manager submitted the 2021-23 Financial Plan to Council for its review and
consideration on June 1, 2021; and
WHEREAS, on June 1, 2021, the Council approved and appropriated the 2021-22
budget allocation including operating expenditures, debt service, and capital
improvement plan budget (R-11251); and
WHEREAS, the City received $6,900 in 2016 for trailhead improvements at
Terrace Hill that was paid by a developer; and
WHEREAS, the revenue was deposited into the Open Space Protection Fund and
currently resides in the fund balance; and
WHEREAS, the City will now be utilizing the funding to build new fences at Terrace
Hill and needs to appropriate the expenditure budget from fund balance ; and
WHEREAS, the City created an Insurance Fund which aggregates insurance -
related expenses including insurance premiums and payment of claims for workers’
compensation and excess liability and related costs; and
WHEREAS, the 2021-23 Financial Plan provides for the Insurance Fund to
manage the fluctuations in the insurance programs with a reserve for the Liability Excess
Insurance Program maintained at approximately 75% funded confidence level based on
the prior five-year average claims experience; and
WHEREAS, the funds within the reserve for the Liability Excess Insurance
Program are insufficient to cover anticipated claims and related expenses for the rest of
the 2021-22 fiscal year; and
WHEREAS, the Insurance Fund balance is sufficient to cover these costs so that
current transactions can take place in a timely manner.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis
Obispo as follows:
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Resolution No. 11327 (2022 Series) Page 2
R 11327
SECTION 1. The 2021-22 budget is hereby amended to appropriate $6,900 of the
City’s Open Space Protection Fund balance into operating budget.
SECTION 2. The 2021-22 budget is hereby amended to appropriate $150,000 of
the City’s Insurance Fund balance to cover anticipated claims and related expenses for
the remainder of FY 2021-22.
Upon motion of Vice Mayor Christianson, seconded by Council Member Pease,
and on the following roll call vote:
AYES: Council Member Marx, Pease, Shoresman, Vice Mayor
Christianson, and Mayor Stewart
NOES: None
ABSENT: None
The foregoing resolution was adopted this 17th day of May 2022.
___________________________
Mayor Erica A. Stewart
ATTEST:
________________________
Teresa Purrington
City Clerk
APPROVED AS TO FORM:
________________________
J. Christine Dietrick
City Attorney
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of San Luis Obispo, California, on ______________________.
___________________________
Teresa Purrington
City Clerk
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5/20/2022 | 6:51 AM PDT