File #: R-2016-0133    Version: 1
Type: Resolution Status: Adopted
File created: 5/17/2016 In control: Administration and Finance Committee (INACTIVE)
On agenda: 5/17/2016 Final action: 5/17/2016
Title: Resolution requesting the transfer of $382,500 from the City's Reserve Account for Capital Replacement to the City's Contingency Fund
Sponsors: Administration and Finance Committee (INACTIVE)
Attachments: 1. Contingency Fund Balance as of 5/11/16, 2. Signed Resolution and Supporting paperwork

Title

Resolution requesting the transfer of $382,500 from the City’s Reserve Account for Capital Replacement to the City’s Contingency Fund

 

Body

WHEREAS, the City of West Allis always maintains a Contingency Reserve to cover the cost of unanticipated expenditures (Account No. 100-0000-371-2000); and

 

WHEREAS, City Policy #1210 (Debt Management Policies) requires the Contingency Reserve to be maintained in an amount equal to 5% of annual General Fund expenditures; and

 

WHEREAS, the amount in the Contingency Reserve has fallen below this 5% level due to the cost of emergency repairs needed at City Hall; and

 

WHEREAS, the City has a Reserve Account for Capital Replacement to be used to fund various capital expenditures to maintain city buildings (Account No. 100-0000-345-2100) with a balance of $1,540,000.

 

NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that $382,500 is hereby approved for transfer from the City’s Reserve Account for Capital Replacement to the City’s Contingency Fund.

 

 

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