File #: 16-497    Version: 1 Name: FY 2015-16 and 2016-17 Budget Adjustments and Carryovers
Type: Staff Report Status: Filed
In control: City Council
Meeting Date: 10/3/2016 Final action:
Enactment date: Enactment #:
Title: Staff Report for a Resolution Approving a Budget Amendment to the City's Fiscal Year (FY) 2015-16 and 2016-17 General Fund, Special Revenue Funds, Enterprise Funds, Internal Service Funds, Capital Projects Funds, and Agency Funds Budget
Sponsors: David Baum Finance Director
Related files: 16-498
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo/Audio
No records to display.

Title

Staff Report for a Resolution Approving a Budget Amendment to the City’s Fiscal Year (FY) 2015-16 and 2016-17 General Fund, Special Revenue Funds, Enterprise Funds, Internal Service Funds, Capital Projects Funds, and Agency Funds Budget

 

Staffreport

SUMMARY AND RECOMMENDATIONS

 

Staff recommends that the City Council review and approve FY 2015-16 and 2016-17 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 originally approved the FY 2015-16 Budget on June 1, 2015 and has made various adjustments since that date. The current FY 2016-17 Budget was adopted by Council on June 6, 2016.

 

DISCUSSION

 

Attachments 1 and 2 to the Resolution include summary and detail of budget adjustments that were made to departmental and fund appropriations over the last six months of FY 2015-16 and now require formal Council approval per Adopted Budget Policies. Attachments 3 and 4 include summary and detail of items that were included in the FY 2015-16 adopted budget that need to be carried over to 2016-17. Attachments 5 and 6 include summary and detail of budget adjustments that were made to departmental and fund appropriations over the first two months of FY 2016-17 and require formal Council approval per Adopted Budget Policies. Summaries include information regarding Funding Sources, Revenue and Expenditure Adjustments, and Net Changes in Fund Balance. Detail reports include the same information, but also provide complete descriptions regarding the purpose of the adjustments.

 

FISCAL IMPACTS

 

The total change in the projected ending fund balance for the General Fund in FY 2015-16 amounts to a decrease of $82,500. New General Fund revenues (mainly from donations) amount to $23,745, leaving $106,245 in new General Fund expenditures. 

 

The total change in the projected ending fund balance for the General Fund in FY 2016-17 amounts to a decrease of $1,405,004. This is mainly the result of carry-overs from various projects and initiatives not completed in Fiscal Year 2015-16. Should additional appropriation adjustments become necessary, they will be brought to Council for approval throughout the fiscal year as needed.

CONCLUSION

 

Staff recommends that the City Council review and approve FY 2015-16 and 2016-17 Budget Amendments.

 

ATTACHMENT(S) TO STAFF REPORT

 

                     Attachment 1 - Summary Budget Adjustments FY 2015-16

                     Attachment 2 - Detailed Budget Adjustments FY 2015-16

                     Attachment 3 - Summary Budget Carryover Adjustments FY 2016-17

                     Attachment 4 - Detailed Budget Carryover Adjustments FY 2016-17

                     Attachment 5 - Summary Budget Adjustments FY 2016-17

                     Attachment 6 - Detailed Budget Adjustments FY 2016-17

 

PREPARED BY:                       Norite Vong, Senior Accountant

                                                               Will Fuentes, Assistant Finance Director