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R-10-15 A RESOLUTION ESTABLISHING A BUDGET STABILIZATION FUND IN THE FY 2010-2011 OPERATING BUDGET FOR THE PURPOSE OF CAPTURING AND ACCUMULATING EXCESS FUNDS ABOVE THE CITY'S 15% ESTABLISHED UNRESERVED AND UNDESIGNATED GENERAL FUND BALANCE TO BE USED FOR ONE-TIME NONRECURRING EXPENDITURES WHEREAS, it is the stated goal of the City Council to provide strong financial leadership for the City including the establishment of financial policies and practices to reduce annual fluctuations in the City's budget; and WHEREAS, from year to year unappropriated funds may remain at year's end that exceed the City Council's established goal of a 15% unreserved and undesignated General Fund balance ("reserve funds"); and WHEREAS, reserve funds are intended to be used to cushion major unanticipated financial occurrences, and the City's financial consultants have deemed said amount to be prudent; and WHEREAS, if funds become available in excess of the 15% reserve funds, they present an opportunity for one-time non-recurring expenditures; and WHEREAS, for financial accounting purposes, the Chief Financial Officer recommends that the Council establish a Budget Stabilization Fund into which such excess may be appropriated and from which they may be expended. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that it hereby establishes a Budget Stabilization Fund into which funds in excess of the established 15% unreserved and undesignated General Fund balance may, by super-majority vote of members elected to Council, be appropriated during the current FY 2009-2010 and subsequent fiscal years and from which they may be expended for one-time non-recurring purposes, ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on May 11,2010, Teste: City Clerk