TITLE
Recommendation to approve Fiscal Year 2010 fourth 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 and Attachment B for a recap of FY 10 General Fund Expenditure Budget Adjustments.
This matter was reviewed by Assistant City Attorney Heather A. Mahood on September 2, 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 September 21, 2010 to enable the timely processing of payments and to help ensure the Citywide budget is balanced in an All Funds basis.
FISCAL IMPACT
Development Services
On April 20, 2010, the City Council authorized the Redevelopment Agency of the City of Long Beach (Agency) to issue tax allocation bonds for the Agency's North Project Area in the amount of $32,980,000. The anticipated uses of the bond proceeds include reserves, cost of issuance, and net proceeds of $30 million for various projects within or of benefit to the Project Area. The Agency will be solely responsible for debt service payments on the bonds, and an appropriation increase is necessary to expend the bond proceeds.
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