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HomeMy WebLinkAbout8593RESOLUTION NO. 8593 A RESOLUTION ESTABLISHING RESERVE INCREASES WITH RESPECT TO FISCAL YEAR SPENDING FOR FISCAL YEAR 1998 WHEREAS, Article X, Section 20(2)(e) of the Colorado Constitution 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 1998 Reserve Increases be considered a part of the City's 1998 "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, COLORADO, that: SECTION 1 Any and all 1998 increases to net fund balances shall constitute and be considered "Reserve Increases," and therefore a part of 1998 "Fiscal Year Spending" within the meaning of Article X, Section 20(2)(e) of the Colorado Constitution. SECTION 2 Any and all 1998 year end 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. INTRODUCED December 28, 1998 BY Robert Schilling Councilperson APPROVED: L.l President o e C uncil ATTEST: M-1s