HomeMy WebLinkAbout5/3/2000 - STAFF REPORTS (22) DATE: May 3, 2000
TO: City Council
FROM: Assistant City Manager-Special Projects
PARKING LOT RECONSTRUCTION FUNDING
RECOMMENDATION:
It is recommended that City Council transfer$600,000 of Risk Management additional
reserves for use in reconstruction of the Pavilion(Sunrise Park),Library and a portion
of the City Hall parking lots.
BACKGROUND:
The City has Identified the need to reconstruct the Pavilion and Library parking lots
as well as overlayfrepair the City Hall parking lot. As part of the annual review of
various City activities, the Finance Department evaluates fund balances for
adequacies. An analysis of the Risk Management Fund determined that$600,000
could be utilized for loss prevention activitleswithout adversely affecting the Fund's
various reserves. Interest earnings and lower claim levels have contributed to the
additional amounts available.
At a recent budget workshop, City Council expressed an Interest in utilizing these
additional amounts to fund the parking lots'needs. The attached Budget Resolution
would appropriate the funds for parking lot construction activities.
OAPE4 7%W'1L4 4AVv..i
ALLEN F. SMOOT,AAE THOMAS M. KANARR
Assistant City7ManaVer-Special Projects Finance Director&Treasurer
APPROVED
9 City Manager
ATTACHMENT
Budget Resolution
64
RESOLUTION NO.
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA,AMENDING THE BUDGET FOR
THE 1999-W FISCAL YEAR.
WHEREAS Resolution 19541 approving the budget for the fiscal year 1999-W was
adopted on June 16, 1egg, and
WHEREAS the City Manager has recommended,and the City Council desires to approve,
certain amendments to said budget;
NOW THEREFORE BE IT RESOLVED that the Director of Finance is authorized to record
inter-fund cash transfers as required in acwrdance with this Resolution, and that
Resolution 19541,adopting the budget for the 1999-00 fiscal year Is hereby amended as
follows:
SECTION 1. ADDITIONS
FUND Activity Account Amount
No. 261 2493 51517 $306,000
Library Parking Lot
Title: Capital Park Improvements 51618 $214,000
Projects Fund City Hall Parking
Lot
51509 $80,000
Parking Lot Recon-
Sunrise Park
Purpose:To provide funds forthe reconstruction of parking lots. About half of the City Hall
lot will be done.
SECTION 2. SOURCE
Retained earnings in the Risk Management Fund to reduce future loss exposure.
FUND Activity Account Amount
No. 540 29302 $600,000
Title: Risk Retained Earnings
Management
Resolution No.
Page 2
Adopted this day of 2000.
AYES:
NOES:
ABSENT:
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
UtY Clerk City Manager
REVIEWED AND APPROVED AS TO FORM