HomeMy WebLinkAbout010-R-21 Committing to Funding of General Fund Reserves by 202501 /25/2021
10-R-21
A RESOLUTION
Committing to Funding of General Fund Reserves by 2025
WHEREAS, the City of Evanston, Cook County, Illinois (the "City') has
adopted a Budget Policy (the "Budget Policy") pursuant to the proceedings of December
18, 2000; and
WHEREAS, the Budget Policy related to the General Fund Reserve policy
states the following:
and
A minimum of 16.6% or two month of operating expenses shall be
maintained as a reserve. Any monies over a 16.6% reserve in this fund
shall be re -appropriated to other funds that have not met its reserve
requirements. Once all funds have met their fund requirements additional
funds shall go to the Capital Improvement Program. A minimum of a 5%
reserve is required, per bond agreements;
WHEREAS, the General Fund balance as of December 31, 2020 is
projected to be approximately 12.5% of operating expenses, which is below the
minimum of 16.6% stated in the Budget Policy; and
WHEREAS, in recognition of the economic distress in the Evanston
community caused by the COVID-19 pandemic, the City Council adopted a 2021
Budget which includes drawing an additional $500,000 from General Fund Reserves,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS, THAT:
SECTION 1: The City Council commits to achieving General Fund reserve
balance of 16.6% of operating expenses by December 31, 2025.
10-R-21
SECTION 2: This goal may be achieved by contributing $1 million or more
annually to the reserve fund in the years 2022 through 2025.
SECTION 3: Additional contributions may be made to the fund balance
from proceeds of property sales or other revenue sources as decided upon by a
majority of the City Council.
Attest:
G�
Devon Reid, City Clerk
Adopted: January 25 , 2020
Stephen H. Hagerty, Mayor
Approved to form:
Kelley A. Gandurski, Corporation Counsel
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