TITLE
Recommendation to approve the Fiscal Year 2010 second quarter departmental and fund budget appropriation adjustments in accordance with existing City Council policy. (Citywide)
DISCUSSION
On September 15, 2009, the City Council adopted the Appropriations Ordinance governing the City's Adopted Budget for Fiscal Year 2010 (FY 10). 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 quarterly to the City Council for consideration. Please see Attachment A for a Fund Balance Analysis of impacted City funds, Attachment B for a recap of FY 10 General Fund Expenditure Budget Adjustments and Attachment C for a list of All-Years Carry-over Budget Adjustments.
This matter was reviewed by Assistant City Attorney Heather A. Mahood on April 20, 2010.
TIMING CONSIDERATIONS
The following requests for adjustments to FY 10 departmental and fund appropriations are necessary to reflect changes in operating conditions. City Council action is requested on May 4, 2010 to enable the timely processing of payments.
FISCAL IMPACT
Airport
On November 3, 2009, the City Council authorized the City Manager to execute documents for the sale of Senior Airport Revenue (SAR) bonds and Build America Bonds, in an amount not to exceed $65,000,000 to finance the construction of the Airport Parking Structure project, refinance design costs originally financed with commercial paper, refund the Airport's 1993 Certificates of Participation Series notes and pay costs of issuance. Since some of the budget ramifications associated with the bond proceeds were not included in the November 3, 2009...
Click here for full text