TITLE
Recommendation to approve the Fiscal Year 2015 second 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 July 7, 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 July 21, 2015 to enable the timely processing of payments.
FISCAL IMPACT
Citywide Activities
Increase appropriations in the Marina Fund (TF 403) in the Citywide Activities Department (XC) by $59,892,719 for the issuance of Marina Revenue Bonds Series 2015, offset by bond proceeds.
Increase appropriations in the Tidelands Operations Fund (TF 401) in the Citywide Activities Department (XC) by $570,302 for early repayment of State Department of Boating and Waterways loans, offset by bond proceeds.
On May 5, 2015, the City Council authorized the issuance of Marina Revenue Bonds Series 2015 for waterside improvements to the Alamitos Bay Marina, and to prepay existing St...
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