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 |
$36,147 |
This fund had an expenditure budget of $37,000, but quarterly PARS expenditures increased to nearly $20,000 per quarter in FY 2020-21 |
Appropriate an additional $37,000 from fund balance. |
|
862 |
Alameda Landing CFD 13-1 Bond |
$738,541 |
The interest expense for the bonds was not budgeted. |
Appropriate an additional $739,000 from fund balance. |
|
310 |
Cross Alameda Trail - Jean Sweeney Open Space Trail CIP (91614) |
$108,381 |
The expenditures for the project (CIP 91614) total $4,114,381, which exceeds the total funding of $4,006,000. |
Transfer budget from two inactive capital projects to close the project. Transfer $52,000 from the Grand/Clement Street CIP (91246) and $56,381 from the Otis Drive Traffic Calming CIP (91319). |
ALTERNATIVES
• Authorize the budget amendments as proposed in the staff report.
• Do not authorize the proposed budget amendments in the staff report.
FINANCIAL IMPACT
The operating funds identified for additional appropriations for fiscal year-end 2020-21 had sufficient revenues in FY 2020-21 to support the requested appropriations from fund balance, with the exception of Funds 274 and 274.1 (Waste Reduction Surcharge, and City Waste Management Program, respectively). However, these funds have typically run surpluses in prior years and need to spend down the prior-year grant funding.
MUNICIPAL CODE/POLICY DOCUMENT CROSS-REFERENCE
This action is in conformance with the Alameda Municipal Code and all policy documents.
ENVIRONMENTAL REVIEW
This activity is not a project and is exempt from the California Environmental Quality Act (CEQA) pursuant to Section 15378(b)(4) of the CEQA Guidelines because it involves governmental fiscal activities which does not involve a commitment to any specific project which may result in a potentially significant physical impact on the environment.
CLIMATE IMPACTS
There are no identifiable climate impacts or climate action opportunities associated with the subject of this report.
RECOMMENDATION
Adopt the resolution authorizing fiscal year-end budget amendments to facilitate closing FY 2020-21.
CITY MANAGER RECOMMENDATION
The City Manager recommends adoption of the resolution authorizing fiscal year-end budget amendments to facilitate closing FY 2020-21.
Respectfully submitted,
Annie To, Finance Director
By:
Jennifer Tell, Budget Manager