CC - 2014-24 - Adopting the Annual Operating and Capital Improvement Budget for the 2014-15 Fiscal YearROSEMEAD CITY COUNCIL
STAFF REPORT
TO THE HONORABLE MAYOR AND CITY COJ)NCIL
FROM JEFF ALLRED, CITY MANAGER
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 for the 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 1311 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 13th 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 ably:
Matthew E. Haw esworth G
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.
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ATTEST: ` I
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Gloria Molleda
City Clerk
William Alarcon, Mayor
APPROVED AS TO F RM-M: 7/�
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Rachel Richman
City Attorney
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS.
CITY OF ROSEMEAD )
I, Gloria Molleda, City Clerk of the City of Rosemead, do hereby certify that the foregoing
Resolution No. 2014 -24 being:
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF ROSEMEAD ADOPTING THE
ANNUAL OPERATING AND CAPITAL
IMPROVEENT BUDGET FOR THE 2014 -15
FISCAL YEAR
was duly and regularly approved and adopted by the Rosemead City Council on the 10" of June,
2014, by the following vote to wit:
Yes:Armenta, Clark, Hall, Low,
No None
Abstain: None
Absent: Alarcon
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Gloria Molleda
City Clerk