R-015-26 - Amending the Fiscal Year 2025-26 Budget, Authroizing Certain Budget Adjustments, Approving Reclassification of General Fund Reserve Balances, and Amending the General Fund Reserve Policy

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Pension and OPEB reserve balances would be lower and Unassigned Fund Balance correspondingly higher; and WHEREAS, reclassifying a portion of those reserve balances to Unassigned Fund Balance will allow completion of previously approved projects without reducing the City's overall reserves or altering the City's financial position; and WHEREAS, Staff has recommended minor amendments to the General Fund Reserve Policy to clarify the definition of surplus and to redirect a portion of annual reserve allocations to the Building Maintenance Fund; and WHEREAS, the Finance Committee reviewed these recommendations on January 29, 2026, and concurred with staff s recommendations; and WHEREAS, the mid -year review also includes updated revenue and expenditure projections and other operational adjustments necessary to reflect current fiscal conditions. NOW, THEREFORE, THE CITY COUNCIL DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS: SECTION 1. The revised budget adjustments reflected in Exhibit A attached hereto and incorporated herein by reference, are hereby approved. SECTION 2. The General Fund Transfer (the annual administrative transfer from the Electric Utility Fund to the General Fund) shall not exceed 20% of the Electric Utility revenues in accordance with the Flow of Funds Ordinance. The amount of the transfer was reviewed during the mid -year process, and the Council hereby authorizes the General Fund Transfer at $16,900,000, or 18.5%. SECTION 3. Under the direction of the City Manager and Approved by the City Council, the Finance Department may make the reallocation of appropriations within the funds as defined in Exhibit A. SECTION 4. The City Council hereby authorizes the reclassification of a portion of