File #: RES. 2020-R059    Version: 1 Name:
Type: Resolution Status: Adopted
File created: 10/20/2020 In control: City Council
On agenda: 10/27/2020 Final action: 10/27/2020
Title: To make assignments of the calculated general fund surplus for Fiscal Year 2019-2020.
Patrons: City Council
Attachments: 1. Res. No. 2020-R059

Title

To make assignments of the calculated general fund surplus for Fiscal Year 2019-2020.

Body

WHEREAS, Chapter 12, Article V of the Code of the City of Richmond (2015), 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 “calculated general fund balance,” “general fund balance,” and “special purpose reserve” having the meanings ascribed to those terms by section 12-251(a) of the Code of the City of Richmond (2015), as amended; and

                     WHEREAS, the Mayor has reported that, for the fiscal year commencing July 1, 2019, and ending June 30, 2020, the unaudited general fund balance is $166,160,686.00; and 

WHEREAS, by Ordinance No. 2020-______, adopted October ____, 2020, the Council created a new reservation of fund balance in the amount of up to $5,000,000.00 from the general fund balance called the 2020 Unfunded Other Post-Employment Benefits Liability Reserve for the purpose of assigning funds for future appropriation to the trust established by section 1 of Ordinance No. 2018-196, adopted July 23, 2018, to provide other post-employment benefits to individuals who have terminated their service to the City and to the beneficiaries of such individuals; and

                     WHEREAS, the Mayor has reported that, for the fiscal year commencing July 1, 2019, and ending June 30, 2020, the unaudited calculated general fund surplus, after the reservation of fund balance described in the previous recital, is $13,900,000.00; and

WHEREAS, the Council of the City of Richmond now desires to make assignments of ten percent of the calculated general fund surplus for the fiscal year commencing July 1, 2019, and ending June 30, 2020, to special purpose reserves pursuant to section 12-265 of the Code of the City of Richmond (2015), 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 (2015), as amended, the Council hereby assigns:

1.                     Up to $780,000 of any remaining portion of such ten percent of the calculated general fund surplus for the fiscal year commencing July 1, 2019, and ending June 30, 2020, to a special purpose reserve called the “OPEB Trust Fund” reserve for the purpose of future appropriation to the trust established by section 1 of Ordinance No. 2018-196, adopted July 23, 2018, to provide other post-employment benefits to individuals who have terminated their service to the City and to the beneficiaries of such individuals; and

2.                     Up to $110,000.00 of any remaining portion of such ten percent of the calculated general fund surplus for the fiscal year commencing July 1, 2019, and ending June 30, 2020, to a special purpose reserve for future appropriation for an equity study and training as described in Resolution No. 2020-R013, adopted July 27, 2020; and

3.                     Up  to $500,000.00 or any remaining funds of such ten percent of the calculated general fund surplus for the fiscal year commencing July 1, 2019, and ending June 30, 2020, to a special purpose reserve for the purpose of future appropriation to the Reserve for Contingencies - COVID-19 line item in the Non-Departmental Budget created by Ordinance No. 2020-049, adopted May 11, 2020.