HomeMy Public PortalAbout2019.021 (03-05-19) RESOLUTION NO. 2019.021
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD RECEIVING
AND FILING THE FY 2018-19 MID-YEAR FINANCIAL REVIEW REPORTS,
APPROVING THE FY 2018-19 MID-YEARBUDGET ADJUSTMENTS TO AMEND THE
FY 2018-19 ADOPTED BUDGET HERETO ATTACHED AS SCHEDULE A
WHEREAS, the City Council of the City of Lynwood (the "City Council") adopted
the City of Lynwood's Fiscal Year 2018-19 (FY 19) Operating Budget on June 26, 2018;
and
WHEREAS, the City's adopted budget is based on certain assumptions and
meeting expenditure and revenue projections; and normally, at the mid-year point of the
fiscal year, the Mid-Year Financial Review is presented to provide an updated Financial
Forecast for the current-year; and
WHEREAS, staff also presents an annual Mid-Year Financial Review to the City
Council to report on the City's fiscal performance through mid-year (July through
December), comparing all revenues and expenditures incurred during the first two
quarters of FY 19 to the same period in FY 18; and
WHEREAS, further, the Finance Department meets with departments quarterly
during the fiscal year to monitor spending, assess revenues, and identify unanticipated
or critical-need issues that may arise and require budget adjustments to the current-
year budget; and
WHEREAS, staff has identified several Citywide fiscal issues that were not
included in the FY 19 Adopted Budget that will require amendments to avoid disruption
of services and ensure proper funding levels; and
WHEREAS, as a result, staff is recommending the following proposed budget
adjustments, hereto attached as Schedule A, which will amend the FY 19 Adopted
Budget; and
WHEREAS, if the recommended budget adjustments are approved by Council,
the FY 19 projected ending fund balance is $5,245,761, which is above the minimum
General Fund reserve level of the current-year adopted operating budget.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
HEREBY RESOLVE AND DETERMINE AS FOLLOWS:
Section 1. By adoption of this resolution, the City Council approves the FY 19
Proposed Budget Adjustments hereto attached as Schedule A and hereby amends the
FY 19 Adopted Budget.
Section 2. That the City Council authorizes the City Manager, or his designee,
to make the necessary budget adjustments to the City's financial system to reflect
appropriate changes to the FY 19 Adopted Budget.
Section 3. This resolution shall go into effect immediately upon its adoption.
Section 4. The City Clerk shall certify as to the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED this 5th day of March, 2019.
Jos" Luis Solache, Mayor
ATTEST:
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Maria Quinonez, City Clerk Jose .''Smeteotl, City Manager
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
Noel Tapia, City Attofney Jo, n Downs, Finance Director
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the City of Lynwood, do hereby certify that the
foregoing Resolution was passed and adopted by the City Council of the City of Lynwood
at a regular meeting held on the 5th day of March 2019, and passed by the following
votes:
AYES: MAYOR PRO TEM CASTRO, COUNCIL MEMBERS CASANOVA,
SANTANA AND MAYOR SOLACHE
NOES: COUNCIL MEMBER ALATORRE
ABSTAIN: NONE
ABSENT: NONE
V&Alay— 4
Maria Quinonez, City Clerk
dir
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the City of Lynwood, and the Clerk of the City
Council of said City, do hereby certify that the above foregoing is a full, true and correct
copy of Resolution No. 2019.021 on file in my office and that said Resolution was
adopted on the date and by the vote therein stated.
Dated this 5th day of March 2019.
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Maria Quinonez, City Clerk