CDC - 2009-16 - Appropriating for Purchase of Rosemead Inn and For Rosemead Park Walking TrailRESOLUTION NO. 2009 - 16
A RESOLUTION OF THE ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION
(RCDC) APPROPRIATING $529,520 FOR THE PURCHASE OF THE ROSEMEAD
INN AND FOR THE ROSEMEAD PARK WALKING TRAIL
WHEREAS, In the Rosemead Community Development Commission budget
$3,855,000 was budgeted for the purchase of the Rosemead Inn, and
WHEREAS, actual costs for acquisition, utilities and miscellaneous acquisition
expense is $4,339,905 , and
WHEREAS, $487,320 needs to be appropriated from fund balance as detailed in
the table below, and
WHEREAS, a recycling grant planned to be used to partially pay for the Rosemead
Park walking trail was ultimately denied, and
WHEREAS, an additiional $42,200 needs to be appropriated from RCDC fund
balance to replace the lost recycling grant revenue.
NOW THEREFORE, the following appropriations and fund balance is amended to
include the amounts listed in the following table:
Increase
Fund
Acct. No.
Description
Decrease
Appropriations
Cap Proj
4215-8995-45
Transfer to City CIP fund for trail
42,200
Cap Proj
4215-8470-45
Move approp to correct proj number
(3,855,000)
Cap Proj
4215-8470-P44745
Hotel acquisition with proj. no.
3,855,000
Cap Proj
4215-8470-P44745
Hotel acquisition
483,500
Cap Proj
4210-6410-P44745
Misc acquisition expenditure
1,500
Cap Proj
4215-6115-P44745
Natural gas expenditure
170
Cap Proj
4215-6120-P44745
Electricity expenditure
750
Cap Proj
4215-6125-P44745
Water expenditure
1,400
Net appropriation amendments
529,520
Fund Balance
Ca Pro
Fund Balance
529,520
APPROVED FOR COUNCIL AGENDA:
Page 1 of 2
RESOLUTION NO. 2009 -16 (CONT'D)
The additional appropriation is made a part of the approved FY2008-09 budget as though
it were a part of the initial approved budget fully set forth and the Executive Director is
authorized and empowered to expend such sum for the purpose of such account, but with
no expenditure by any office or department for any item within an account shall exceed the
amount budgeted therefore without prior written approval of the Executive Director
PASSED, APPROVED and ADOPTED this 9m day of June 2009.
ATTEST:
czc-.
MARGARE CLARK
CHAIR
APPROVED AS TO FORM:
GLORIA MOLLEDA JO H M. 2 P' ES vU
COMMISSION SECRETARY AGENCY ATTORNEY
Page 2 of 2
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS.
CITY OF ROSEMEAD )
1, Gloria Molleda, Commission Secretary of the City of Rosemead, do hereby certify that
the foregoing Resolution No. 2009-16 being:
A RESOLUTION OF THE ROSEMEAD COMMUNITY DEVELOPMENT
COMMISSION (RCDC) APPROPRIATING $529,520 FOR THE
PURCHASE OF THE ROSEMEAD INN AND FOR THE ROSEMEAD
PARK WALKING TRAIL
was duly and regularly approved by the Community Development Commission on the
9th of June, 2009, by the following vote to wit:
Yes: Armenta, Clark, Low, Ly
No: Taylor
Abstain: None
Absent: None
-Gloria Molleda
Commission Secretary
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v` ROSEMEAD COMMUNITY
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DEVELOPMENT COMMISSION
STAFF REPORT
'NCCR~ JRdiE~ TO: HONORABLE CHAIRMAN AND COMMISSIONERS
FROM: MATTHEW E. HAWKESWORTH, ACTING EXECUTIVE DIRECTOR
DATE: JUNE 9, 2009
SUBJECT: INTERIM BUDGET AMENDMENTS
SUMMARY
From time to time, when changing circumstances warrant, it becomes necessary to
amend the budget. The attached resolution amends the budget with the addition of
$529,520 of appropriations in the Rosemead Community Development Commission
(RCDC) Capital Projects Fund.
STAFF RECOMMENDATION
Staff recommends that the City Council adopt the attached resolution number 2009-16,.
ANALYSIS
The attached resolution is required primarily for clerical clean up of individual budget
line items. In FY 2007-08 the Commission approved $4.4 million for the purchase of the
Rosemead Inn but due to a delay in the closing of escrow until July 2009 appropriations
for the purchase need to be approved in the FY 2008-09 budget. The attached entries
move the appropriations from a non-project specific account number to a project
specific account number and appropriate $3,820 more for incidental expenditures such
as utilities related to hotel acquisition. Another $483,500 is appropriated for the
acquisition for a total acquisition appropriation of $4,342,320.
At the time the Rosemead Park walking trail was approved a $50,000 recycling grant
was included as a funding source. As the project commenced the grant became
unavailable and RCDC funds need to be appropriated to make up for the loss of the
grant revenue. An appropriation for a $42,200 transfer from RCDC to the CIP fund is
included in the attached resolution to pay for the cost of construction of the trail. The
trail project received $155,000 of TDA Article 3 revenue which was budgeted in the CIP
fund.
ITEM NO.-2L--
APPROVED FOR COMMUNITY DEVELOPMENT COMMISSION AGENDA:
Community Development Commission Meeting
June 9, 2009
Page 2 of 2
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Submitted by:
Steven Brisco
Finance Director
Attachment: Resolution 2009 -16