Title
Staff Report for a Resolution Approving a Budget Amendment to the City's Fiscal Year 2014-15 General Fund, Special Revenue Funds, Enterprise Funds and Internal Service Funds Budget
Staffreport
SUMMARY AND RECOMMENDATION
Staff recommends that the City Council review and approve 2014-15 Budget Amendments.
BACKGROUND
The City Council approves annual budgets based on the best revenue and expenditure information available several months prior to the actual adoption of budget appropriations. As a result, budget adjustments are periodically necessary for changes that arise and require additional budget appropriations or re-appropriations between budget line items. The City Council approved the current 2014-15 General Fund, Special Revenue Funds, Enterprise Funds, and Internal Service Funds Budget on May 19, 2014.
DISCUSSION
The attached summary of budget adjustments reflects budget activity recorded by the Finance Department over the first few months of 2014-15 and includes items that were included in the 2013-14 adopted budget that will be carried over to 2014-15. The proposed amendment adjustments are summarized including the fund, the sources of additional revenues or transfers, and the purpose of new expenditures or transfers.
Fiscal Impact
The total change in the projected ending fund balance for the General Fund amounts to $391,603. New General Fund revenues amount to $53,615, leaving about $445,218 in new General Fund expenditures funded by increases in Sales Tax and Property Tax that were higher than estimated in 2013-14.
New project funding includes $7,215 from Alameda County for the Police Teen Academy and $46,400 from the Friends of the Library.
The remaining appropriation increases reflect carry-over (see Attachment 2) from various projects not completed in Fiscal Year 2013-14.
ATTACHMENTS
Attachments to Resolution
* Summary Budget Adjustments
* Detailed Budget Adjustments
PREPARED BY: David Baum, Fi...
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