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HomeMy WebLinkAbout09714RESOLUTION NO. 9714 A RESOLUTION ESTABLISHING A GENERAL FUND RESERVE POLICY OF 10% OF THE ANNUAL GENERAL FUND EXPENDITURES AND TRANSFERS OUT BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. Effective with the adoption of the FY 2004 budget, it is the policy of the City Council to accumulate and maintain as a general fund reserve an amount equal to 10% of the annual general fund expenditures and transfers out and to have such reserve in place by December 31, 2004. SECTION 2. The general fund reserve shall be designated and identified in the City of Pueblo's annual budget. SECTION 3. The general fund reserve shall be in addition to the emergency reserves required under TABOR, the general fund operating reserve and other reserves required by Generally Accepted Accounting Principles. INTRODUCED November 11, 2002 BY Robert Schilling Councilperson APPROVED: c�� resident of City Council ATTEST: AL City C