Agenda Item: 11(a)
Prepared By: Guillermo Polanco
Business: Ordinance
Department: Finance
Subject:
Title
Ordinance - First Reading - Fiscal Year 2014 Budget Re-appropriation
Body
BACKGROUND:
Each year the City prepares the budget based on estimated revenues and expenses for the coming year. During the course of the fiscal year budget adjustments and revisions are approved due to operational activities and actual expenses. The Finance Department periodically updates the City Council throughout the fiscal year on the status of the budget. These adjustments and revisions are then combined into a re-appropriation ordinance for ratification by City Council at the fiscal year end. The final amended FY budget is hereby submitted to City Council for your consideration.
The following summarizes the significant changes to the City's FY 2014 budget:
GENERAL FUND: The majority of changes were comprised of carryover of purchase orders from the prior year, and transfers for Council approved projects and implementing the City Manager's Capital Funding Plan.
CAPITAL PROJECTS FUND: Adjustments are primarily related to the refinancing of the 2004 Sales Tax Revenue Bond Issue and the leasing of Fire vehicles and the capital components of the new ERP software.
CAPITAL PROJECTS FUND: The proposed budget amendment is the prior year carry forward of purchase orders and unexpended appropriations of capital project funds from FY 2013 to the FY 2014 budget to finance the completion of capital projects. In addition $9.2 million ($6 million loan, $2.2 million asset replacement funding, and $1 million Marriott contribution) was budgeted for the Smokehouse Bay Bridge project.
ASSET REPLACEMENT FUND: The asset replacement transferred $2.2 million in cash to compliment the $6 million borrowed to fund the Smokehouse Bay Bridge project.
WATER/SEWER ENTERPRISE FUND: Unexpended capital project funds from FY 2013 were carried forward to the FY 2014...
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