CC - Item 5B - Adoption of the 2014-15 Fiscal Year Budget BookROSEMEAD CITY COUNCIL
STAFF REPORT
TO THE HONORABLE MAYOR AND CITY CO.INCIL
FROM JEFF ALLRED, CITY MANAGER ( ` // �� J / W /fi
DATE: JUNE 10, 2014
SUBJECT: ADOPTION OF THE 2014 -15 FISCAL YEAR BUDGET
SUMMARY
The City Council will consider the adoption of the City's Budget for the 2014 -15 Fiscal
Year, which provides for a total appropriations of $35,350,900. The ongoing operations
of the General Fund budget of $18,533,300 are balanced with no surplus forthe upcoming
fiscal year. Consequently, a full scope of services to residents will be continued without
service reductions.
A five -year financial outlook workshop with the City Council was held on February 11,
2014 and a 2014 -15 budget workshop was held on May 13, 2014. Since the budget
workshop on May 13 was conducted, adjustments to both General Fund revenues and
expenditures have been made to help cover increased insurance costs. The General
Fund revenue budget was increased by approximately $60,000 based on increased
projections in parking citations and animal license fees, and expenditures were increased
by $150,000 related to a retrospective adjustment cost for General Liability insurance.
After adjustments the General Fund operating budget has a surplus of $1,400. No
additional major financial changes have been made to the draft budget as presented at
the May 13 workshop.
Staff Recommendation
Staff recommends that the City Council take the following actions:
1. Adopt Resolution 2014 -24 approving the City of Rosemead's Operating and
Capital Improvement Budget for the 2014 -15 Fiscal Year
2. Adopt Resolution 2014 -05 approving the Housing Development Corporation's
Operating and Capital Improvement Budget for the 2014 -15 Fiscal Year,
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Prepared by:
Matthew E.Hawkesworth
Assistant City Manager /Finance Director
Attachments. A- City Resolution 2014 -24
B - RHDC Resolution 2014 -05
ITEM NUMBER:
RESOLUTION NO. 2014 -24
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROSEMEAD ADOPTING
THE ANNUAL OPERATING AND CAPITAL IMPROVEMENT BUDGET FOR THE
2014 -15 FISCAL YEAR
WHEREAS, a proposed annual budget for the City of Rosemead, California for the
Fiscal Year commencing July 1, 2014 and ending June 30, 2015 was submitted to the City
Council for it's review and consideration and the proposed annual budget is on file in the City
Clerk's office; and
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ROSEMEAD,
CALIFORNIA DOES RESOLVE AS FOLLOWS:
1. The 2014 -15 Annual Operating and Capital Improvement Program Budget is hereby
adopted in the amount of $35,350,900.
2. There is hereby appropriated to each account group set forth in the "Detail Budget"
of said budget attached hereto, and made a part hereof as though fully set forth
herein, the sum shown for such account groups in the 2014 -15 Adopted Column.
3. The Mayor shall sign and the City Clerk shall certify to the passage and adoption of
this Resolution and thereupon the same shall take effect and be in force.
PASSED, APPROVED and ADOPTED the 10 day of June, 2014.
William Alarcon, Mayor
ATTEST:
Gloria Molleda
City Clerk
APPROVED AS TO FORM:
Rachel Richman
City Attorney
RESOLUTION NO. 2014 -05
A RESOLUTION OF THE ROSEMEAD HOUSING DEVELOPMENT CORPORATION
ADOPTING THE ANNUAL OPERATING AND CAPITAL IMPROVEMENT BUDGET
FOR THE 2014 -15 FISCAL YEAR
WHEREAS, a proposed annual budget for the Rosemead Housing Development
Corporation for the Fiscal Year commencing July 1, 2014 and ending June 30, 2015 was
submitted to the Housing Development Corporation Board of Directors for its review and
consideration and the proposed annual budget is on file in the Corporation Secretary's office;
and
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE ROSEMEAD
HOUSING DEVELOPMENT CORPORATION DOES RESOLVE AS FOLLOWS:
4. The 2014 -15 Annual Operating and Capital Improvement Program Budget is hereby
adopted in the amount of $819,800.
5. There is hereby appropriated to each account group set forth in the "Detail Budget'
of said budget attached hereto, and made a part hereof as though fully set forth
herein, the sum shown for such account groups in the 2014 -15 Requested Column.
6. The President shall sign and the Corporation Secretary shall certify to the passage
and adoption of this Resolution and thereupon the same shall take effect and be in
force.
PASSED, APPROVED and ADOPTED the 10" day of June, 2014.
ATTEST:
William Alarcon, President
Gloria Molleda
Corporate Secretary
APPROVED AS TO FORM:
Rachel Richman
City Attorney