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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-15-26 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON, <br />CALIFORNIA, AMENDING THE FISCAL YEAR 2025-26 BUDGET, <br />AUTHORIZING CERTAIN BUDGET ADJUSTMENTS, APPROVING <br />RECLASSIFICATION OF GENERAL FUND RESERVE BALANCES, AND <br />AMENDING THE GENERAL FUND RESERVE POLICY <br />WHEREAS, On May 20, 2025, the City Council adopted the Fiscal Year 2025-26 Budget <br />after a series of public workshops; and <br />WHEREAS, It is considered best practice to review the budget periodically to ensure it <br />reflects current operational, financial, and policy conditions; and <br />WHEREAS, based upon the review conducted through December 31, 2025 and reviewed <br />by the Finance Committee on January 29, 2026, the City desires to amend the budget; and <br />WHEREAS, during Fiscal Years 2023-24 and 2024-25, certain multi -year capital projects <br />previously funded through the American Rescue Plan Act (ARPA) were moved to the General Fund <br />due to federal funding restrictions requiring the use of ARPA funds for public safety salaries; and <br />WHEREAS, the City's General Fund Reserve Policy requires that year-end surplus be <br />allocated to Pension Reserve, OPEB Reserve, the Insurances Fund, and Unassigned Fund Balance <br />based on the assumption that surplus represents excess operating resources; and <br />WHEREAS, because the above -referenced capital projects were housed in the General <br />Fund at year end, the reserve policy treated those project balances as operating surplus and allocated <br />them to the Pension and OPEB reserves in accordance with the policy as written; and <br />WHEREAS, the application of the policy in this atypical circumstance resulted in reserve <br />balances that do not reflect the original intent of the policy when applied to a General Fund <br />functioning solely as an operating fund; and <br />WHEREAS, Staff has demonstrated that, had the one-time capital project carryovers and <br />purchase order rolls been excluded from the surplus calculation in FY2023-24 and FY2024-25, the <br />