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I <br />►:1 <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-19-18 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON, CALIFORNIA, AMENDING THE BUDGET FOR <br />FISCAL YEAR COMMENCING JULY 1, 2017 AND ENDING <br />JUNE 30, 2018 <br />WHEREAS, the City of Colton adopted the budget for the fiscal year commencing July <br />1, 2017 and ending June 30, 2018; and <br />WHEREAS, the City conducts regular reviews of their budgets as it is fiscally prudent to <br />do so; and <br />WHEREAS, based upon the review conducted through December 31, 2017 and reviewed <br />by the Finance Committee on January 30, 2018 and the Measure D Oversight Committee on <br />February 5, 2018, the City desires to amend the budget; <br />NOW, THEREFORE, THE CITY COUNCIL DOES HEREBY RESOLVE, <br />DETERMINE AND ORDER AS FOLLOWS: <br />SECTION 1. The revised budgetary projections reflected on Exhibit A attached hereto <br />and incorporated herein by reference, are hereby approved. <br />SECTION 2. The General Fund Transfer (that annual administrative transfer from the <br />Electric Utility Fund to the General Fund) shall not exceed 20% of the Electric Utility revenues in <br />accordance with the Flow of Funds Ordinance. The amount of the transfer was reviewed during <br />the mid -year process, and the Council hereby authorizes an increase to the General Fund Transfer <br />to 20% of FY2016-17 Electric Utility Revenues and commits the additional $1,034,667 transfer <br />amount over the original adopted FY2017-18 GFT in the General Fund Reserve to the City's <br />pension liability. <br />