HomeMy Public PortalAbout19) 7.O. Fourth Quarter Budget AmendmentsDATE
AGENDA
ITEM 7.0
ADMINISTRATIVE SERVICES DEPARTMENT
June 18, 2013
MEMORANDUM
TO: The Honorable City Council
FROM: Jose E. Pulido, City Manage
Via: Tracey L. Hause, Adminis rative Services Director
By: Lee Ma, Accountant
SUBJECT: FOURTH QUARTER BUDGET AMENDMENTS
RECOMMENDATION:
The City Council authorizes staff to revise various budgeted appropriations as indicated
in Attachment "A" to ensure actual spending levels are within budgeted appropriations
at June 30, 2013.
BACKGROUND:
1. On June 19, 2012, the City Council approved the FY 2012-13 City Budget.
2. On December 4, 2012, the City Council approved the first quarter (i.e., July
through September) budget adjustments.
3. On February 5, 2013, the City Council approved the second quarter (i.e., October
through December) budget amendments.
4. On February 7, 2013, the Mid -Year Budget Ad Hoc Standing Committee (i.e.,
Mayor Yu and Councilmember Blum) met to review the proposed mid -year
adjustments.
5. On February 19, 2013, the City Council approved revised revenue estimates and
appropriation adjustment as part of the mid -year budget review process.
ANALYSIS:
Throughout the fiscal year, staff monitors revenues and expenditures and makes
recommendations for revised revenue estimates and adjustments to appropriations
quarterly, if necessary, and at mid -year. Budget adjustments for the third quarter were
City Council
June 18, 2013
Page 2 of 3
not necessary; therefore staff did not bring forward a report. While it is anticipated that
revenues, which are generally discussed below, will exceed current estimates in a
number of funds, staff is only recommending the appropriation adjustments in
Attachment "A" be made at this time to ensure actual spending levels in individual line
item are within budgeted appropriations at June 30, 2013. When the annual audit by
the outside independent audit firm is complete and the Comprehensive Annual Financial
Report (CAFR) is prepared in late fall, staff will return with an extensive analysis of
budget to actual results for both revenues and expenditures and how these transactions
ultimately affect Fund Balances.
Revenues
The following revenues are anticipated to be higher than current estimates at fiscal
year-end:
• General Fund — Actual receipts for Real Estate Transfer Tax and In Lieu Vehicle
License Fees are anticipated to be higher than originally anticipated along with
Plan Check Fees and Facility Rental Fees. Positive variances for these four
revenue sources are estimated to be approximately $175,000.
• Transportation Related Special Funds — Interest earnings for Gas Tax Fund,
Measure 1 B Fund and Measure R Fund are anticipated to be slightly higher than
original estimates.
• Community Development Block Grant (CDBG) Fund — The City received two
loan repayments in April 2013, for a total amount of $49,615. A corresponding
appropriation adjustment is requested. The City is required to remit any loan
repayments and accrued interest to the Community Development Commission.
• Other Special Funds — Actual revenues in the Sewer Reconstruction Fund,
Congestion Management Fund and the Park Acquisition Fund may also
marginally exceed original estimates.
Expenditures
All recommended adjustments to appropriations for expenditures are outlined in
Attachment "A".
CONCLUSION:
These recommended appropriation adjustments are necessary to ensure actual
spending levels in individual line items do not exceed budgeted appropriations at the
close of the fiscal year.
City Council
June 18, 2013
Page 3 of 3
FISCAL IMPACT:
If the City Council approves the recommended appropriation adjustments, $89,390 will
be added to the FY 2012-13 City Budget, ensuring actual spending levels in individual
line items do not exceed budgeted appropriations at June 30, 2013.
ATTACHMENT:
A. FY 2012-13 Fourth Quarter Appropriation Adjustments
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