Title
Adoption of Resolution Authorizing Fiscal Year-End Budget Amendments to Facilitate Closing Fiscal Year (FY) 2020-21. (Finance 10024051)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
As part of the fiscal year-end review, staff identified a number of funds and capital projects that need additional appropriations or budget transfers in order to facilitate the close of FY 2020-21. Staff is seeking authorization for these amendments to the FY 2020-21 budget.
BACKGROUND
The City Council adopted the Biennial Budget for FYs 2019-20 and 2020-21 on June 18, 2019. After the first year of the budget cycle, City Council approved an update to the second budget year (Mid-Cycle Budget Update) on June 16, 2020.
In preparation for closing FY 2020-21, staff identified various funds and capital projects that need adjustments. These adjustments are subject to appropriations approval by the City Council.
DISCUSSION
Fiscal Year-End 2020-21 Budget Adjustments
Several operating funds and a capital project require adjustments in FY 2020-21 and need additional appropriations:
Fund
Fund Name
Amount
Description
Recommendation
207
Successor Agency
$1,097,105
The expenditures match the amount of property tax received. Expenditures were under-budgeted. Amortized loss on bond refunding was inadvertently left out of the budget.
Appropriate an additional $1,098,000 from fund balance ($977,000 in fund 207, $53,000 in sub-fund 207.9, $121,000 in sub-fund 207.11).
248
HOME Repayment
$23,766
Revenues and expenditures were under-budgeted.
Increase revenue and expenditure appropriations by $24,000.
274
Waste Management
$131,350
Prior-year state and county grant funds were not re-appropriated.
Appropriate an additional $132,000 from fund balance ($89,000 in fund 274, $43,000 in sub-fund 274.1).
720.5
Vacation Pay Off
$479,188
Vacation pay-off expense was not budgeted.
Appropriate $480,000 from fund balance.
810
OPEB Trust
...
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