TITLE
Recommendation to approve the Fiscal Year 2012 third quarter departmental and fund budget appropriation adjustments in accordance with existing City Council policy. (Citywide)
DISCUSSION
On September 6, 2011, the City Council adopted the Appropriations Ordinance governing the City's Adopted Budget for Fiscal Year 2012 (FY 12). 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 Summary of Proposed Adjustments of impacted City funds and Attachment B for a recap of FY 12 General Fund Expenditure Budget Adjustments.
This matter was reviewed by Assistant City Attorney Charles Parkin on August 28, 2012.
TIMING CONSIDERATIONS
The following requests for adjustments to FY 12 departmental and fund appropriations are necessary to reflect changes in operating conditions. City Council action is requested on September 11, 2012 to enable the timely processing of payments.
FISCAL IMPACT
Development Services
In accordance with AB1x 26 (the Dissolution Act), redevelopment agencies across the state of California were dissolved effective February 1, 2012. Pursuant to the Dissolution Act, sponsoring cities that agreed to become a Successor Agency and accept the assets and liabilities, and wind down the operations of the former redevelopment agencies were required to create a new fund to account for the transactions of the Successor Agency through completion of the wind down process.
As of March 2012, the former Long Beach Redevelopment Agency's (Agency) cash was transferred to the Successor ...
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