TITLE
Recommendation to approve the Fiscal Year 2009 third quarter departmental and fund budget appropriation adjustments in accordance with existing City Council policy. (Citywide)
DISCUSSION
On September 9, 2008, the City Council adopted the Appropriations Ordinance governing the City's Adopted Budget for Fiscal Year 2009 (FY 09). Periodically, changes in revenue or operating conditions require appropriation adjustments. For example, in certain cases these adjustments enable departments to expend recently awarded grant revenue for which there is no existing appropriation. In addition, changes for multi-year grants/projects are necessary to bring appropriation 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 09 General Fund Budget Adjustments.
This letter was reviewed by Assistant City Attorney Heather A. Mahood on August 3, 2009.
TIMING CONSIDERATIONS
The following requests for adjustments to FY 09 departmental and fund appropriations are necessary to reflect changes in operating conditions. City Council action is requested on August 18, 2009 to enable the timely processing of payments.
FISCAL IMPACT
Community Development
The Long Beach Redevelopment Agency (RDA) participates in City loan programs to the extent that it benefits project areas. Repayments on RDA loans are kept in separate Business Assistance Fund accounts and an appropriation increase is required for the funds to be transferred to the Redevelopment Fund from which the loans are made in the amount of $1,067,585. This appropriation is fully offset by fund balance.
An appropriation increase is also needed in the amount of $833,952 to accommodate additional loans to local businesses through the Commercial and Industrial Revolving Loan Fund Program. The source of...
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