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<br />REPORT <br /> <br />6.2A <br />age 1 <br /> <br />To the Honorable Mayor and City Council <br />From the Ci Mana er <br /> <br />February 22,2010 <br /> <br />SUBJECT <br />Fiscal Year 2009/2010 Appropriation Revisions <br /> <br />RECOMMENDATION <br />Approve, by resolution, appropriation and transfer of certain funds for specified <br />purposes to conform the budgeted amounts to actual expenditures approved for <br />transactions, which have occurred during fiscal year 2009/2010. <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. <br /> <br />The following recommendations include budget items related to the refunding of debt <br />approved by City Council on October 26, 2009. The refunded debt included the 1997 <br />Redevelopment Agency (RDA) Tax Allocation Bonds, an action which saved the RDA <br />approximately $28,000 in interest costs. Additionally, after extensive review by the <br />Finance Department staff and the Council Finance Committee, it was determined that <br />the City Hall Certificates of Participation (C.O.P.s) which were issued to generate <br />revenues were no longer doing so. With Council approval this debt was paid off <br />resulting in net income to the general fund of $538,000. <br /> <br />Staff presents appropriation changes to Council for approval generally twice a year. <br />The following table summarizes recommended changes in appropriations for revenue, <br />transfers and expenditures by fund. A detailed explanation of these revisions is <br />provided in Attachments 2 (revenue and transfer in changes) and Attachment 3 <br />(expenditure and transfer out changes). <br />