Laserfiche WebLink
1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. 23740 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, <br />CALIFORNIA, ORDERING, CALLING, PROVIDING FOR, AND GIVING <br />NOTICE OF A SPECIAL MUNICIPAL ELECTION TO BE HELD IN SAID <br />CITY ON THE 2ND DAY OF NOVEMBER 2021, FOR THE PURPOSE OF <br />SUBMITTING TO THE QUALIFIED ELECTORS AN AMENDMENT TO <br />THE CHARTER OF THE CITY OF RIVERSIDE <br />WHEREAS, the City of Riverside City Charter has called for transfers from its electric utility <br />to the General Fund since voters first approved the Charter in 1907. That original Charter provided <br />that utility rates "should preferably, but not necessarily, yield a reasonable profit and interest on the <br />investment to the city..." (1907 City Charter, section 162) and it further stated that, on an annual basis, <br />any funds remaining after the utilities have paid their specified expenses may be transferred to the <br />general fund (1907 City Charter, section 172) ; and <br />WHEREAS, over a half -century ago, in 1968, the City's voters adopted a version of the Charter <br />that specifically called for a general fund transfer ("GFT") from utilities in "an amount equal to 11.5% <br />of the utilities' gross operating revenues." City Charter § 1204, subd. (f), currently allows a GFT "in <br />an amount not to exceed 11.5%" of the utilities' gross operating revenues for the prior fiscal year. This <br />language was approved by 74% of City voters in 1977. The City's voters have therefore approved the <br />GFT at three separate elections; and <br />WHEREAS, the General Fund Transfer provides a locally controlled revenue source to the <br />General Fund. Combined with other sources of revenue (sales tax, property tax, utility users' tax, <br />etc.), the General Fund funds vital governmental services including, but not limited to, fire, paramedic, <br />police, street repairs, parks, senior services, homelessness and other general services. The General <br />Fund Transfer is critical to advancing the City Council's Envision Riverside 2025 Strategic Plan <br />priorities of. Arts, Culture and Recreation; Community Well -Being, Economic Opportunity; <br />Environmental Stewardship; High Performing Government; and Infrastructure, Mobility and <br />Connectivity; and <br />WHEREAS, the electric utility portion of the General Fund Transfer currently provides <br />approximately $40 million annually, or roughly 14%, of the total General Fund operating budget. <br />Losing this revenue source would require significant reductions in the services mentioned above; and <br />WHEREAS, Riverside voters have already voted three times in the past to amend the City <br />