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To make assignments of the calculated general fund surplus for Fiscal Year 2024-2025.
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WHEREAS, Chapter 12, Article V of the Code of the City of Richmond (2020), as amended, provides for the Mayor to report on the general fund balance and the Council, by resolution, to assign up to ten percent of the calculated general fund surplus to special purpose reserves, with the terms "general fund balance," and "special purpose reserve" having the meanings ascribed to those terms by section 12-241(a) of the Code of the City of Richmond (2020), as amended; and
WHEREAS, the Mayor has reported that, for the fiscal year commencing July 1, 2024, and ending June 30, 2025, the unaudited general fund balance is $22 million;
WHEREAS the Council of the City of Richmond now desires to make assignments of ten percent of the unaudited general fund surplus for the fiscal year commencing July 1, 2024, and ending June 30, 2025, to special purpose reserves pursuant to section 12-265 of the Code of the City of Richmond (2020), as amended,
NOW, THEREFORE,
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF RICHMOND:
That, pursuant to section 12-265 of the Code of the City of Richmond (2020), as amended, the Council hereby assigns:
1. Up to $1,417,850 of the special purpose reserve to the Richmond Retirement System ("RRS") Total Retirement Fund for the purpose of funding bonuses for retired members of RRS.
2. Up to $162,150 of the remaining portion of the special purpose reserve for low-barrier support for children and families during inclement weather season;
3. Up to $100,000 of the remaining portion of the special purpose reserve to Presbyterian Homes & Family Services, Inc. for the purpose of increasing funding to the Family Crisis Fund;
4. Up to $70,000 of the remaining portion of the special purpose reserve to fund Music and Media Lab improvements at Southside Community Center;
5. Up to $50,000 of the remaining portion of the ...
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