AgdaPkt 2003-04-28 - Laserfiche WebLink

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g_1 REPORT To the Honorable Mayor and City From the City April 28, 2003 Subject Fiscal Year 2002/2003 Appropriations Revisions Recommendation It is recommended that the City Council introduce an ordinance appropriating and transferring certain funds for specified purposes in order to conform budgeted amounts to actual expenditures approved for transactions, which occurred during fiscal year 2002/2003. Background The following are summaries of the recommended changes in appropriations - both revenues and expenditures -by fund. A detailed explanation of these revisions is provided in Attachment A (revenue changes) and Attachment B (expenditure changes). Council takes many actions throughout the year that change or modify the budget. Moreover, grants and other revenues are received that were not anticipated when the budget was prepared. Appropriations need to be established so that staff may spend these grants and revenues. Staff holds these changes and periodically presents the appropriation changes to Council for approval. Summary of Recommended Budget Changes by Fund Net Change in Revenues Expenditures Fund Balance General Fund $ 460,459 $ 460,459 $ 0 Federal Law Enforcement 115,202 115,202 0 Grant Fund Worker's Compensation - 1,093,973 (1,093,973) Insurance Fund Capital Outlay Fund 7,897,620 7.897,620 0 Total Revisions 47 2 1 7 2 4 ( $1.093.973) Alternative Should the Council elect not to approve all or any of these recommended adjustments, the consequences will vary depending upon the circumstances surrounding each specific line item. If Council has previously approved an item in concept, then an expenditure or commitment may have already been made and the program or project budget will then be over - expended. If the recommended adjustment concerns a grant, then staff will be unable to utilize the grant. In other situations, staff will need to forego the underlying action.