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<br /> <br />6.38 <br />Page 1 <br /> <br />June 25. 2007 <br /> <br />SUBJECT <br />Fiscal Year 2006/2007 Appropriation Revisions <br /> <br />RECOMMENDATION <br />Approve by resolution, appropriating and transferring certain. funds for specified <br />purposes to conform the budgeted amounts to actual expenditures approved for <br />transactions, which have occurred during fiscal year 2006/2007. <br /> <br />BACKGROUND <br />Council takes many actions throughout the year that change or modify the budget <br />approved at the beginning of each fiscal year. Moreover, grants and other revenues <br />may be received that were not anticipated when the budget was prepared. <br />Appropriations need to be established so that staff may spend these grants and <br />revenues. Staff presents appropriation changes to Council for approval as appropriate, <br />generally twice a year. The following are summaries of recommended changes in <br />appropriation for revenue, transfers and expenditures by fund. A detailed explanation of <br />these revisions is provided in Attachments A (revenue and transfer changes) and B <br />(expenditure changes). <br /> <br />Summary of Recommended Budget Changes by Fund Type <br /> <br /> Net Change in <br /> Transfers Revenues Expenditures Fund Balance <br /> $ $ $ $ <br />General (350,000) 368,169 1,063,624 (1,045,455) <br />Fund <br />Enterprise 350,000 14,217,329 16.171,345 (1,604.016) <br />Fund <br />Total <br />Revisions 0 14,585,498 17,234,969 (2,649,471 ) <br /> <br />ALTERNATIVES <br />Should the Council elect not to approve all or any of these recommended adjustments, <br />the consequences will vary depending upon the circumstances surrounding each <br />specific item. For example, if Council has previously approved an item in concept then <br />an expenditure or commitment may have already been made and the program or <br />project budget will then be over-expended. If the recommended adjustment concerns a <br />grant then staff wi\! be unable to utilize the grant. In other situations, staff will need to <br />forego the undertying action. <br />