TITLE
Recommendation to approve the Fiscal Year 2006 mid-year departmental and fund appropriation adjustments in accordance with existing City Council policy. (Citywide)
DISCUSSION
On September 13, 2005 , the City Council adopted the Appropriations Ordinance governing City expenditures for Fiscal Year 2006 (FY 06). From time to time , changes in revenue or operating conditions call for appropriation adjustments. In some cases these adjustments enable departments to expend newly received grant revenue for which there is no existing appropriation. In addition , changes for multi-year grants/projects are necessary to bring appropriations in line with final grant/project award amounts. In accordance with the City practice , these adjustments are presented quarterly to the City Council for consideration. The mid-year appropriation adjustment requests for FY 06 are listed below alphabetically by department. Please see Attachment A for a Fund Balance Analysis of impacted City funds and Attachment B for General Fund detail.
This letter was reviewed by Assistant City Attorney Heather A. Mahood on April 28, 2006.
TIMING CONSIDERATIONS
The following requests for adjustments to FY 06 departmental and fund appropriations are necessary to reflect changes in operating conditions. Timely City Council action is requested on May 16, 2006 to authorize the timely processing of payments.
FISCAL IMPACT
Community Development
On July 19, 2005, the City Council approved the issuance of Redevelopment Agency Bonds in order to effect the advance refunding and defeasance of the Downtown and North Project Areas Refunded Bonds, finance certain redevelopment projects within or of benefit to the Downtown Project Area , pay the premium for the Bond Insurance Policy and pay the costs of issuance of the Series 2005 Bonds (Downtown and North). Because the transaction was not completed until the current fiscal year, a quarterly budget adjustment is requested to implement this City Council...
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