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56 <br />City Treasurer Michael Williams presented the December Treasurer's Re- <br />port, and reviewed in its entirity the Investment Policy of the City of <br />Colton. Mr. Williams said the purpose of the Statement of Investment <br />Policy is to provide governing guidelines for prudent cash management <br />and investment of public funds until such time as the funds are needed <br />to pay the obligations of the City. <br />Mr. Williams advised that he has appointed Jerry Young as Deputy <br />Treasurer. <br />After brief discussion, moved by Councilman Rios, seconded by Councilman <br />Lofy, to approve the Investment Policy of the City of Colton for 1989 a <br />presented, and Resolution No. R-23-89. Unanimous vote. <br />RESOLUTION NO. R-23-89 - RESOLUTION OF THE CITY OF COLTON ADOPTING AN <br />INVESTMENT POLICY FOR CALENDAR YEAR 1989. <br />CITY MANAGER'S REPORTS AND RECOMMENDATIONS: <br />Mid -Year Budget <br />Assistant City Manager Leslie Keane reported on the Mid -Year Budget, <br />outlining the new positions, programs, expenditures, etc. <br />Ms. Keane stated overall the proposed mid -year adjustments reflect a <br />$2.7 million increase (8%) in revenue projections, and a $.6 million <br />increase (2%) in expenditures. The General Fund modifications total <br />a net $7,970 increase, which is more than offset by a $334,249 increase <br />in revenues. Additional revenues are retained in appropriate fund <br />balances for appropriation at a later date. The current City financial <br />position is positive, but as Council is aware, we will need to fund the <br />operation of a new fire station in the upcoming fiscal year at an approx- <br />imate cost of $600,000, and we will be renegotiating salary memoranda of <br />understanding with all employee units. The staff recommendations con- <br />tained in this report, therefore, do not include any new programs, unless <br />funding is available from a special restricted funding source, such as a - <br />grant or an assessment district. The majority of the recommendations <br />presented are adjustments to existing programs intended to allow for th <br />accomplishment of Council approved goals on a timely basis. <br />Ms. Keane concluded Staff recommends Council approve the various adjust- <br />ments to the City's 1988-89 revenue projections for a total increase of <br />$2,678,307, approve the various adjustments to the City's 1988-89 appro- <br />priations for a total increase of $683,400, and adopt Resolution Nos. <br />R-24-89 and R-25-89, amending the City's 1988-89 Fiscal Year Budget and <br />outlining the regular and special positions with the City of Colton. <br />Moved -by Councilman Rios, seconded by Councilman Rehrer, to approve <br />Staff's recommendations and Resolution Nos. R-24-89 and R-25-89 regard- <br />ing the Mid -Year Budget. Unanimous vote. <br />RESOLUTION NO. R-24-89 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF COLTON AMENDING THE BUDGET FOR THE FISCAL <br />YEAR 1988-89. <br />RESOLUTION NO. R-25-89 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF COLTON AMENDING RESOLUTION NO. R-56-88 <br />AUTHORIZING REGULAR AND SPECIAL POSITIONS IN <br />ACCORDANCE WITH THE PROVISIONS OF THE BASIC <br />SALARY RESOLUTION AND ANNUAL BUDGET FOR THE <br />FISCAL YEAR 1988-89. <br />CITY ATTORNEY'S REPORTS AND RECOMMENDATIONS: <br />Ordinance No. 0-3-89 <br />First Reading <br />City Attorney Edwards introduced Ordinance No. 0-3-89 for First Reading, <br />reading it as to number and title only, advising that this ordinance will <br />regulate residential sales and amends Ordinance No. 1483. <br />FEB 7 1989 <br />