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REPORT <br />To the: H~nQrable Mayor, City Council <br />Redevelopment Agency Board of Directors <br />From. the City Manager <br />March 26, 2007 <br />Subject <br />Fiscal Year 2006/2007 Appropriation Revisions <br />Recommendation <br />It is recommended that the City Council and the Redevelopment Agency approve, by <br />resolution, appropriating and transferring certain funds for specified purposes to conform <br />the budgeted amounts to actual expenditures approved for transactions, which have <br />occurred during fiscal year 2006/2007. <br />Background <br />The following are summaries of recommended changes in appropriations for both <br />revenues and expenditures by fund. A detailed explanation of these revisions is provided <br />in Attachments A (revenue changes} and B (expenditure changes}. Council takes many <br />actions throughout the year that change or modify the budget approved at the beginning of <br />each fiscal year. Moreover, grants and other revenues are received that were not <br />anticipated when the budget was prepared. Appropriations need to be established so that <br />staff may spend these grants and revenues. Staff presents the appropriation changes #o <br />Council for approval as appropriate, generally twice a year. <br />Summary of Recommended Budget Changes by Fund Type <br />Net Change in <br />Revenues Expenditures Fund Balance <br />$ $ $ <br />General Fund 502,031 788,941 (286,910) <br />Special Revenue Funds 63,093 63,093 (0) <br />Capital Improvement Funds 0 644,531 (644,531) <br />Enterprise Funds 3,750 3,750 <br />Total Revisions 568.874 1,500,315 931 441 <br />Alternative <br />Should the Council elect not to approve all or any of these recommended adjustments, the <br />consequences will vary depending upon the circumstances surrounding each specific line <br />item. If Council has previously approved an item in concept then an expenditure or <br />commitment may have already been made and the program or project budget will then be <br />over-expended. If the recommended adjustment concerns a grant then staff will be unable <br />to utilize the grant. In other situations, staff will need to forego the underlying action. <br />S:~F,racelil8udget AmendmentslFY 06-07 Budget Amendments Staff Report.doc <br />6.3A <br />Page 1 <br />