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:
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