AgdaPkt 2018-02-26 Joint SA PFA - Laserfiche WebLink

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6.2.B. - Page 1 REPORT To the Honorable Mayor and City Council From the City Manager February 26, 2018 SUBJECT FY 2017-18 Mid -Year Budget Amendments RECOMMENDATION 1. Adopt a resolution appropriating and transferring certain funds for specified purposes to conform the budgeted amounts to actual revenues or expenditures for transactions that have occurred or are anticipated to occur during FY 2017-18; 2. Adopt a a resolution establishing a short-term loan agreement in the amount of $6,000,000 from the Redwood City Equipment Service Fund to the Redwood City Docktown Marina Enterprise Fund to provide immediate funding for relocation benefits in accordance with the Docktown Plan; and 3. Adopt a a resolution establishing a short-term loan agreement in the amount of $1,700,000 from the Redwood City Parking District Fund to the Redwood City Docktown Marina Enterprise Fund to provide immediate funding for relocation benefits in accordance with the Docktown Plan BACKGROUND The City Council takes actions throughout the fiscal year to modify the current budget. In addition, staff monitors actual revenues and expenditures throughout the fiscal year, and updates the City's financial projections as appropriate. Staff presents budgetary amendments to City Council for approval twice a year: once at fiscal mid -year, and once at fiscal year-end. This report includes the following: FY 2017-18 mid -year amendments to both revenues and expenditures in all funds, including the Docktown Fund; legal costs for claims made against the City; and capital costs shared with the Port to support liveaboards at the Municipal Marina. ANALYSIS FY 2017-18 Mid -Year Budget Amendments The following table summarizes recommended changes in budgeted appropriations for revenue, transfers, and expenditures by fund type. A detailed explanation of these revisions is provided in the exhibits to the attached resolution (Exhibit A — Changes in Revenues and Transfers In, and Exhibit B — Changes in Expenditures and Transfers Out).