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HomeMy WebLinkAbout7500RESOLUTION NO. 7500 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, ADOPTING A BUDGET FOR FISCAL YEAR 2023-2024 AND APPROPRIATING THE AMOUNTS SPECIFIED THEREIN AS EXPENDITURES FROM THE FUNDS WHEREAS, on June 6, 2023, the City Manager submitted to the City Council a proposed Budget for Fiscal Year 2023-2024, a copy of which is on file in the Office of the City Clerk; and WHEREAS, Section 1204 of the Arcadia City Charter requires notice and hearing for consideration of a proposed operating budget and its adoption by resolution; and WHEREAS, the aforementioned proposed Budget includes the budget for the ensuing Fiscal Year 2023-2024; and WHEREAS, notice of the public hearing on the proposed Budget and a summary of the proposed Budget were posted per Resolution No. 7483; and WHEREAS, the Fiscal Year 2022-23 General Fund operating results is projected to have a $9.8 million budget surplus; and WHEREAS, the duly noticed public hearing was conducted by the City Council on June 6, 2023. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, DOES HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS: SECTION 1. That certain "City of Arcadia Budget, Fiscal Year 2023-2024", as on file in the office of the City Clerk, together with any approved amendments thereto, is hereby adopted, in pertinent part, as the official budget of the City of Arcadia for the Fiscal Year 2023-2024 and the amounts specified therein as expenditures from the funds indicated are hereby appropriated for the purposes specified therein. 1 SECTION 2. The City Council authorizes the transfer of the projected General Fund surplus for Fiscal Year 2022-23, first to the Emergency Reserve and the remaining to the Equipment Replace Fund. SECTION 3. The City Clerk shall certify to the adoption of this Resolution. [SIGNATURES ON THE NEXT PAGE] 2 STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES) SS: CITY OF ARCADIA ) I, GENE GLASCO, City Clerk of the City of Arcadia, hereby certifies that the foregoing Resolution No. 7500 was passed and adopted by the City Council of the City of Arcadia, signed by the Mayor and attested to by the City Clerk at a regular meeting of said Council held on the 6th day of June, 2023 and that said Resolution was adopted by the following vote, to wit: AYES: Cao, Kwan, Wang, Verlato, and Cheng NOES: None ABSENT: None 4 Ci lerk oft e City of Arcadia r Passed, approved and adopted this 6th day of June, 2023. ATTEST: %'01 City C r APPROVED AS TO FORM: Michael J. Maurer City Attorney 3