HomeMy WebLinkAbout02.B- City Manager DOC ID: 2018
CITY OF SAN BERNARDINO—REQUEST FOR COUNCIL ACTION
Budget
From: Andrea Travis-Miller M/CC Meeting Date: 08/29/2012
Prepared by: Rebecca Garcia, (909)384-5122
Dept: City Manager Ward(s): All
Subject:
Authorization for the Director of Finance, Under Direction of the City Manager, to Utilize
Restricted Funds to Conduct Day to Day Business of the City Until the City Becomes Cash
Solvent.
Financial Impact:
None
Motion: Authorize the Director of Finance, under direction of the City Manager, to utilize
restricted funds to conduct day to day business of the City until the City
successfully emerges from Bankruptcy and becomes cash solvent.
Synopsis of Previous Council Action:
None
Background:
As you are aware, as authorized by the Mayor and Common Council on July 18, 2012 the City
\r filed a Bankruptcy Petition on August 1, 2012. As such, we are dealing with an$18M cash
deficit, $45M overall deficit, and$300M in unfunded liabilities. Given this fiscal emergency,
staff is requesting authorization from the Mayor And Common Council the use of restricted
funds until such time that the City successfully emerges from Bankruptcy and becomes cash
solvent.
Sumortine Documents:
r
Updated:8/27/2012 by Linda Sutherland D.- 1