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AUTHORIZING THE USE OF EMERGENCY RESERVE FUNDS
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RESOLUTION NO. 1941 <br />A RESOLUTION OF THE CITY OF ANACORTES, WASHINGTON, AUTHORIZING <br />THE USE OF EMERGENCY RESERVE FUNDS <br />WHEREAS, Ordinance No. 2339 dated November 21 5 \ 1994 established a <br />reserved fund balance for various city operating funds, and <br />WHEREAS that reserved fund balance was to be a formal cash reserve set at <br />5% of the fund's total budget, and <br />WHEREAS the purpose of the reserve was to absorb unpredictable revenue <br />shortfalls, to provide adequate cushions in the event of economic recessions, and to <br />ensure desired cash flow levels, and <br />WHEREAS, the Ambulance Service Fund December billing revenue will not be <br />receipted into the city account until the following January, resulting in undesirable cash <br />flows, and thereby resulting in a low operating cash balance, and <br />WHEREAS, the Ambulance Service Fund has emergency reserve cash of <br />$134,352, and <br />WHEREAS the operating cash fund will be about $35,000 short as of <br />December 31, 2015 depending on the amount of billings for December, and it is <br />desirable to use up to $50,000 of emergency reserve funds to ensure a positive <br />operating cash balance as of year-end, and <br />WHEREAS, use of emergency reserve funds requires the affirmative vote of no <br />less than five City Council members. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Anacortes, Washington that the emergency reserve funds identified in the Ambulance <br />Service fund be authorized for use to meet inadequate cash flows in fiscal year 2015 . <br />PASSED AND ADOPTED this 19th day of January, 2016. <br />City of Anacortes , Washington <br />B ~- <br />Laurie Gere, Mayor <br />Attest: <br />Steven D. Hoglund , City Clerk
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