HomeMy WebLinkAboutResolution No. 4410 RESOLUTION NO. 4410
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
ESTABLISHING A RESERVE ACCOUNT PURSUANT TO ARTICLE XIII B
OF THE CALIFORNIA CONSTITUTION
THE CITY COUNCIL OF THE CITY OF DOWNEY DOES HEREBY RESOLVE AS
__ FOLLOWS:
WHEREAS, Article XIII B of the State Constitution directs cities
to establish reserve accounts into which unused revenues are to be credited;
and
WHEREAS, the City of Downey maintains an Employee Benefit Fund from
which all fringe benefits such as vacation, sick - leave, and medical insurance
are paid; and
WHEREAS, there is a large unfunded liability in this fund for earned
but unused vacation and sick - leave;
NOW, THEREFORE, BE IT RESOLVED:
(1) That the Finance Division is directed to establish an
Employee Benefit Reserve Account in the Employee Benefit
Fund, and
(2) That for the fiscal year ending June 30, 1984, the amount
of General Fund revenues that exceed expenditures is
appropriated to the Employee Benefit Reserve Account.
The City Clerk shall certify to the adoption of this Resolution.
APPROVED AND ADOPTED THIS 12th day of June , 1984.
II filllifor
/
Roo- - G. Cormack, Mayor
ATTEST:
City Clerk
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the
City Council of the City of Downey at a regular meting thereof, held on
the 12th day of June , 1984, by the following vote, to wit:
AYES: 3 Council Members: Jackman, Quinn, Cormack
NOES: 0 Council Members: None
ABSENT: 2 Council Members: Barb, Davila
Adr
/ • II
City Clerk