Resolution No. 4650
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RESOLUTION NO. 4650
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF VERNON ESTABLISHING A DRY PERIOD RESERVE
WITHIN THE CITY'S GENERAL FUND
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6 WHEREAS, the City Council of the City of Vernon has
7 recognized that a significant portion of the City's annual
8 revenues are received during the latter half of the fiscal year;
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10 WHEREAS, the revenues received during the first half of
11 the fiscal year are insufficient to provide for the necessary
12 expenses of the first half; and,
13 WHEREAS, the Finance Director has determined an amount
14 required to provide for the shortfall of first half revenues
15 compared to first half expenditures; and,
16 WHEREAS, there are sufficient funds available within the
17 general fund unappropriated fund balance; and,
19 of Vernon to establish a dry period reserve within the City's
18 WHEREAS, it is the desire of the City Council of the City
20 general fund.
21 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
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22 THE CITY OF VERNON AS FOLLOWS:
SECTION 1: That the City Council of the City of Vernon
24 does hereby find and determine that the recitals contained herein-
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25 above are true and correct.
27 'IDry Period" reserve in the amount of OheMillion, Five Hundred
SECTION 2: That the City Council hereby establishes a
28 Thousand Dollars and No Cents ($1,500,000.OO).
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SECTION 3: The City Clerk of the City of Vernon shall
2 certify to the passage of this Resolution thereupon and thereafter
3 the same shall be in full force and effect.
4 APPROVED AND ADOPTED this 5th day of June, 1979.
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ATTEST:
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BRUCE V. MALKENHORST, City Clerk
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STATE OF CALIFORNIA }
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COUNTY OF LOS ANGELES )
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I, BRUCE V. MALKENHORST, City Clerk of the City of
Verno.n, do hereby certify that the foregoing Resolution, being
Resolution No. 4650 , was duly adopted by the City Council
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of the City of Vernon, and was approved by the Mayor of said
City at a regular meeting of the City Council held on Tuesday,
June 5
, 1979.
(SEAL)
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BRUCE V. ~~LKENHORST, C~ty Cler ·
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