HOU - 2014-05 - Adopting the Annual Operating and Capital Improvement Budget for the 2014-15 Fiscal YearROSEMEAD CITY COUNCIL
STAFF REPORT
TO THE HONORABLE MAYOR AND CITY CO 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 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 131h 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 131h 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:
Mat E Haw�rth
Assistant City Manager /Finance Director
Attachments: A— City Resolution 2014 -24
B — RHDC Resolution 2014 -05
ITEM NUMBER:
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'h day of June, 2014.
ATTEST:
ST: 1 I I
r ,jkLa l 1�4 nX14
Gloria Molleda
Corporate Secretary
Q rn a.<t, 1—z'a, lice A,.
,v William Alarcon, President
APP ,F,PVEDAST F M:
ache[ 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 -05 being:
A RESOLUTION OF THE ROSEMEAD
HOUSING DEVELOPMENT CORPORATION
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
oria Molleda
City Clerk