Title
Subject: Establish a General Fund Sales Tax Repayment Reserve
Recommended Action
A. Approve an amendment to the City’s Committed, Unassigned Fund Balance, and Use of One Time Funds Policy to:
i. Create a General Fund Sales Tax Repayment Reserve with an initial allocation of $56.5 million
ii. Authorize staff to increase the Sales Tax Repayment Reserve when the City receives additional sales tax revenue in dispute
iii. Decrease the General Fund Capital Projects Reserve by $10.0 million
iv. Decrease the General Fund Economic Uncertainty Reserve by $6.0 million
Presenter: Kristina Alfaro, Director of Administrative Services