RESOLUTION 2016-22

FY 2016-17 RESERVE FUNDS AND PROGRAMS

WHEREAS, ORS 294.346(1) states that a municipal corporation, by ordinance or resolution of its governing body, may establish one or more reserve funds to hold moneys to be accumulated and expended for the purposes specified in ORS 280.050 (Providing funds for financing cost of services, projects, property and equipment), without submitting the question of establishing the reserve fund to a vote of the electors.

WHEREAS, ORS 294.346(2) states that not less frequently than every 10th anniversary of the date upon which a reserve fund is established under subsection (1) of this section, the governing body of the municipal corporation shall review the reserve fund and determine whether the fund will be continued or abolished.

WHEREAS, the City of Hood River has adopted a budget for fiscal year 2016-17 that includes various reserve funds and programs; and

NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Hood River hereby establishes and continues the following reserve funds and programs:

Budgetary Fund Program Purpose
Road Fund Reserve – Capital* Accumulates moneys for vehicle and equipment replacement for Road Fund programs.
Water Fund Reserve – Debt Requirements Holds debt service and short-lived asset reserves on the water transmission main as required by the U.S. Dept of Agriculture.
 Reserve – Capital Accumulates moneys for vehicle and equipment replacement for Water Fund programs.
Sewer Fund
 Reserve – Debt Requirements Holds debt service and short-lived asset reserves on the water transmission main as required by the U.S. Dept of Agriculture.
 Reserve – Capital Accumulates moneys for vehicle and equipment replacement for Sewer Fund programs.
Storm Water Fund Reserve – Capital* Accumulates moneys for vehicle and equipment replacement for Storm Water Fund programs.

Budgetary Fund Program Purpose
Reserves Fund Reserve – Parking in Lieu Accumulates funds to operate, maintain, and expand the City’s parking system.
 Reserve – LID Assessments Tracks pass-through activity related to collection of City assessments for annexations, sidewalk improvements, and other local improvement districts.
 Reserve – Miscellaneous Holds moneys received from external sources that are set aside for specific general purposes.
 Reserve – Equip. Replacement Accumulates moneys for vehicle and equipment replacement.  General Fund only.
 Reserve – Compensated Absences Accumulates moneys for future payouts of compensated absences.  General Fund only.
 Reserve – PERS Stabilization* Accumulates moneys to stabilize future PERS rate increases.  General Fund only.

* New Reserve for FY 2016-17.


The above resolution statements were approved and declared adopted on this 13th day of June, 2016.

 

                                                      
                                                Paul Blackburn, Mayor      

ATTEST:

     
Jennifer Gray, City Recorder