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6.3A Page 2 remaining cash balance related to the accounting change for the City's retiree health plan. On September 27, 2010, information regarding the remaining balance was brought to the Audit Committee which approved the staff recommendation to retain these funds in the Employee Benefits Fund in the event an additional source of liquidity is needed. No Council action, however, is needed as the intention behind raising this issue is merely to notify the entire Council of the existence of these funds and the intended purpose behind retaining these funds in the Employee Benefit Fund. ALTERNATIVES 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 item. For example, 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. FISCAL IMPACT Some of these revisions are necessary to transfer or formally appropriate funds to implement many projects and issues that the Council has previously approved. Sufficient resources are available within the unreserved fund balance in the respective funds or will be made available through grants or increased revenues that will be received this fiscal year to support these recommended appropriations. /( f Jennifer Chkrig ' Brian Ponty Accountant Director of Finance 7 Bell Interim City Manager ATTACHMENTS 1. Resolution — City of Redwood City 2. Changes in Revenues— City of Redwood City 3. Changes in Expenditures— City of Redwood City RELATED DOCUMENTS IN CITY CLERK'S OFFICE None