Loading...
HomeMy WebLinkAbout7782RESOLUTION NO. 7782 A RESOLUTION ESTABLISHING RESERVE INCREASES WITH RESPECT TO FISCAL YEAR SPENDING FOR FISCAL YEAR 1995 WHEREAS, Article X, Section 20(2)(e) of the Colorado Consti- tution defines "fiscal year spending" to include "reserve increases," and, WHEREAS, it would be in the best interest of the City to establish by action of the City Council that any and all 1995 reserve increases be considered a part of the City's 1995 "fiscal year spending" and that all year end fund balances be considered as a "reserve." NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. Any and all 1995 increases to net fund balances shall consti- tute and be considered "reserve increases" and therefore a part of 1995 "fiscal year spending" within the meaning of Article X, Section 20(2)(e) of the Colorado Consitution. SECTION 2. Any and all 1995 year end fund balances shall constitute and be considered "reserves" and all subsequent expenditures and transfers from such "reserves" shall be excluded from "fiscal year spending" within the meaning of Article X, Section 20(2)(e) of the Colorado Constitution. ATTEST: r 'L — , ( ;-> A City Clerk INTRODUCED: December 27 , 1995 By Fay Kastelic Councilperson APPROVED: President of City Council