C7AN - Amend General Fund Reserve Policy

A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AMENDING AND RESTATING RESOLUTION NO. 2019-30954, WHICH RE-ADOPTED AND AMENDED THE CITY OF MIAMI BEACH EXISTING FINANCIAL POLICIES SET FORTH IN RESOLUTION NO. 2006-26341 RELATING TO STABILIZATION FUNDS; FUND BALANCE; CONTINGENCY PLANNING AND CASH RESERVES; USE OF NON-RECURRING REVENUES; CAPITAL ASSET ACQUISITION, MAINTENANCE, REPLACEMENT AND RETIREMENT; AND GUIDING THE DESIGN OF PROGRAM AND SERVICES, TO INCORPORATE REVISIONS TO THE STABILIZATION FUNDS AND FUND BALANCE/CONTINGENCY PLANNING AND CASH RESERVES POLICY (GENERAL FUND RESERVE POLICY), AS SET FORTH IN THE ATTACHED EXHIBIT A, WHICH SHALL REPLACE AND SUPERSEDE THE GENERAL FUND RESERVE POLICY SET FORTH IN RESOLUTION NO. 2019-30954, TO REQUIRE A 6/7TH SUPERMAJORITY VOTE OF THE CITY COMMISSION IN ORDER TO APPROPRIATE ANY FUNDS FROM THE GENERAL FUND RESERVES THAT WOULD REDUCE THE GENERAL FUND RESERVE BELOW THE 17% EMERGENCY RESERVE OF THE GENERAL FUND OPERATING BUDGET OF THE ENSUING YEAR.