TITLE
Recommendation to approve the Fiscal Year 2015 fourth departmental and fund budget appropriation adjustments in accordance with existing City Council policy. (Citywide)
DISCUSSION
On September 2,2014, the City Council adopted the Appropriations Ordinance governing the City's Adopted Budget for Fiscal Year 2015 (FY 15). 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 appropriations in line with final grant/project award amounts. In accordance with the City's practice, these adjustments are presented periodically throughout the year to the City Council for consideration. Please see Attachment A for a Summary of Proposed Adjustments of impacted City funds and Attachment B for a recap of FY 15 General Fund Expenditure Budget Adjustments.
This matter was reviewed by Deputy City Attorney Amy R. Webber on November 16, 2015.
TIMING CONSIDERATIONS
The following requests for adjustments to FY 15 departmental and fund appropriations are necessary to reflect changes in operating conditions. City Council action is requested on December 1, 2015 to enable the timely processing of payments.
FISCAL IMPACT
Development Services
Increase appropriations in the Successor Agency Debt Service Fund (SA 277) in the Development Services Department (DV) by $191,082,462, offset by bond proceeds.
On March 17,2015, the City Council, as Successor Agency to the Redevelopment Agency of the City of Long Beach, authorized refunding of various tax allocation bonds issued by the former Redevelopment Agency to reduce the cost of debt service payments. The bond refunding occurred in June 2015, requiring accounting transactions to record the receipt of the bond proceeds and the corresponding expense for refundi...
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