City of Jonesboro - File #: RES-11:205

• File #: RES-11:205
• Version: 1
• Name: Amendment of required minimum reserves for restricted funds
• Type: Resolution
• Status: Passed
• File created: 11/22/2011
• In control: Finance & Administration Council Committee
• Final action: 12/6/2011
• Title: A RESOLUTION TO ESTABLISH THE REQUIRED MINIMUM FINANCIAL RESERVES IN THE RESTRICTED FUNDS
• Sponsors: Finance
• Indexes: Policy - creation/amendment
• Related files: RES-03:705

Date	Ver.	Action By	Action	Result
12/6/2011	1	City Council	Passed	Pass
11/22/2011	1	Finance & Administration Council Committee	Recommended to Council	Pass

Title

A RESOLUTION TO ESTABLISH THE REQUIRED MINIMUM FINANCIAL RESERVES IN THE RESTRICTED FUNDS

Body

WHEREAS, Resolution No. 03-705 previously established a required minimum reserve of 15% for all restricted funds and

WHEREAS, the City Council of the City of Jonesboro, Arkansas, recognizes that the current requirement should not apply to the following funds due to their special nature:

Advertising and Promotion Fund, Federal Grant Fund, Community Development Block Grant Fund (CDBG), Metropolitan Planning Organization Fund (MPO), Jonesboro Economical Transportation (JETS), State Assets Forfeiture Fund, Federal Assets Forfeiture Fund, Library Fund, Police Pension Fund, and Non-uniformed Pension Fund.     

NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS, THAT:

SECTION 1: The City Council of the City of Jonesboro, Arkansas resolves to exempt the above mentioned funds from the previously established required minimum reserve due to their special nature.

PASSED AND APPROVED this 6^th day of December, 2011.