TITLE
Recommendation to approve the Fiscal Year 2007 second quarter departmental and fund budget appropriation adjustments in accordance with existing City Council policy. (Citywide)
DISCUSSION
On September 19, 2006, the City Council adopted the Appropriations Ordinance governing City expenditures for Fiscal Year 2007 (FY 07). From time to time, changes in revenue or operating conditions call for appropriation adjustments. For example, 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's practice,. these adjustments are presented quarterly to the City Council for consideration. Please see Attachment A for a Fund Balance Analysis of impacted City funds and Attachment B for a recap of FY 07 General Fund Budget Adjustments.
This letter was reviewed by Assistant City Attorney Heather A. Mahood on March 27, 2007.
TIMING CONSIDERATIONS
The following requests for adjustments to FY 07 departmental and fund appropriations are necessary to reflect changes in operating conditions. City Council action is requested on April 1 0, 2007 to authorize the timely processing of payments.
FISCAL IMPACT
Community Development Due to the increase in the repayment of single and multi-family rehabilitation loans, Fiscal Year 2006 actual revenues surpassed estimated revenues. This revenue can now be used to make additional single and multi-family rehabilitation loans that were not anticipated in the FY 07 Adopted Budget. Therefore, a budget adjustment is necessary to allow the Department to issue these additional loans, which represents a significant enhancement in the level of service to the community this fiscal year.
> Increase appropriations in the Community Development Grants Fund (SR 150) in the Department of Community Develo...
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