CC - Item 8A - FY 2010-11 Budget AmendmentsROSEMEAD COMMUNITY DEVELOPMENT
COMMISSION/
ROSEMEAD CITY COUNCIL
•
TO: THE HONORABLE MAYOR AND CITY COUNCIL
FROM: JEFF ALLRED, CITY MANAGER
DATE: JUNE 14, 2011
SUBJECT: FY 2010 -11 BUDGET AMENDMENTS
SUMMARY
The budget is a financial plan that is compiled approximately three months before the
fiscal year begins. Because the budget is prepared using estimates and assumptions
made well in advance of the fiscal year, it is necessary to amend the budget to
appropriate funds for unforeseen costs experienced during the year. Expenditures that
require an appropriation amendment have been approved by the City Council but still
need an appropriation as a matter of legal compliance. This amendment request is a
routine housekeeping procedure typically done in the middle and end of the fiscal year.
Staff Recommendation
Staff recommends that the City Council /Community Development Commission approve
the attached appropriation amendments (City Resolution no. 2011 -29, Community
Development Commission Resolution no. 2011 -19).
ANALYSIS
FINANCIAL ANALYSIS
Financial analysis is included with the transaction description on the attached
resolutions.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Submitted by:
Steve Brisco
Director of Finance
APPROVED FOR CITY COUNCIL AGENDA: ITEM NUMBER:
City Council Meeting
January 1, 2008
Pace 2 of 2
RESOLUTION NO. 2011 -19
A RESOLUTION OF THE ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION
TO APPROPRIATE $$1,563,400 FOR INCREASES IN BOND ISSUANCE COSTS,
SERAF AND CONTRIBUTIONS FOR THE ROSEMEAD HIGH SCHOOL TRACK
Increase
Fund Acct No. Description (Decrease)
REVENUES
Merged Cap Proj 4210 - 3996 -51 Bond issuance $11,235,400
Gross 2010 Tax Allocation Bond (TAB)
Total increase 11,235,400
APPROPRIATIONS
Merged Cap Proj 4210 - 5010 -51 Bond discount 134,800
Merged Cap Proj 4210 - 6514 -51 Bond issuance costs 332,500
Costs of 2010 TAB. Funding source: 2010
bond proceeds.
Merged Cap Proj 4215- 6490 -51 SERAF 296,100
State confiscation of redevelopment
funds to balance State budget. Funding
source: Unreserved fund balance
Merged Cap Proj 4215- 6320 -51 Community Contributions 800,000
Contribution to Rosemead HS for track.
Funding source: 2006 bond proceeds
Total appropriation increase 1,563,400
Net increase (decrease) $ 9,672,000
RESOLUTION NO. 2011 -19 (continued)
NOW THEREFORE, $1,563,400 is appropriated in the Rosemead Community
Develop Commission Capital Projects Fund accounts described above.
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 14 day of June 2011.
Chairman
ATTEST:
Commission Secretary
RESOLUTION NO. 2011 -29
A RESOLUTION OF THE CITY OF ROSEMEAD, CALIFORNIA TO APPROPRIATE
$2,260,900 FOR INCREASES IN BUILDING INSPECTION COSTS, UNFUNDED
GASB 45 COMPLIANCE LIABILITIES AND CAPITAL PROJECT CARRYOVERS
Incrrease
Fund Acct No. Description (Decrease)
ESTIMATED REVENUES
General 4710 - 3224 -01 Building permits
Increased building activity, primarily by
Edison Co. expansion.
Total General Fund Est. Rev.
APPROPRIATIONS
General 4160 - 4120 -01 GASB 45 compliance liability
OPEB unfunded liability. Funding source:
General Fund reserves.
General 4710 - 4290 -01 Building inspections
Additional costs due to Edison Co.
expansion. Recovered with building
permit revenues.
Total General Fund Appropriations
Cap 4760-4905 -
Proj P82129 Hellman Ave. resurface (FY 2010 carryover)
Funding source: Gas Tax encumbrance
reserve.
Cap 4760-4905 -
Proj P82229 Annual slurry seal (FY 2010 carryover)
Funding source: CDBG encumbrance
reserve.
$ 375,000
375,000
22M. 2
218,000
862,600
527,000
241,900
RESOLUTION NO. 2011 -29 (continued)
Increase
Fund Acct No. Description (Decrease)
Cap 4760 -4905
Proi P82429 Neighborhood Traffic Safety Improvement - 629,400
Mission Dr. (FY 2010 carryover)
Funding source: Safe Routees to School grant/
Gas Tax
Total Capital Projects Fund Appropriations 1,398,300
Total appropriation increase $ 2,260,900
NOW THEREFORE, $2,260,900 is appropriated in various accounts described
above in the General fund and the Capital Projects Fund.
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 14 day of June 2011.
Mayor
ATTEST:
City Clerk