HomeMy WebLinkAbout9/19/2001 - STAFF REPORTS (16) 7
Date: September 19, 2001
To: City Council
From: Director of Finance &Treasurer
Subject: Transfer of projects from Capital Projects Fund to Bond Savings Capital
Projects; Transfer of cash from Capital Projects Fund to General Fund
RECOMMENDATION:
It is recommended that the Council approve the transfer of $300,000 of capital projects
currently budgeted in the Capital Projects Fund to the newly created Bond Savings
Capital Projects Fund; additionally, it is recommended that$450,000 be transferred from
the Capital Projects Fund to the General Fund.
SUMMARY:
The first proposed action would move $300,000 worth of capital improvements from the
Capital Projects Fund to the newly formed Bond Savings Capital Projects Fund. The
second action would transfer the savings created by the first action, plus $150,000 in
other project savings, from the Capital Projects Fund to the General Fund.
BACKGROUND:
The City refinanced the Assessment District Nos. 157 and 158 bond issues effective
September 4, 2001, saving just over $300,000. These funds will be deposited into the
newly created Bond Savings Capital Projects Fund. The money can only be spent on
capital improvements and must be expended within three years.
Staff is recommending that $300,873 of the appropriation for the Library Parking Lot
project, currently budgeted in the Capital Projects Fund (261-2493-51519) be moved to
the new Bond Savings Capital Projects Fund (262-4492-51519), and reappropriated
there. The net effect will be to produce $300,000 in unencumbered cash in the Capital
Projects Fund.
In addition to the $300,000, an additional $150,000 was saved in the Capital Projects
Fund from projects that either came in under budget or whose funding was not
continued. The major portion of the additional savings came from the Sunrise Park
Parking Lot and the North Sphere Annexation #2 projects.
Since the above projects were originally funded either by transfers from the General
Fund or by allocation of 10% of the General Fund's sales tax revenue, it is allowable to
transfer any excess funds back to the General Fund.
It is also within the Council's discretion to appropriate some or all of the savings to new
or expanded capital improvements. However, the recommended transfer to the General
Fund would cover a sizable portion of the City's current year operating deficit.
Submitted by: Approved:
Thomas M. Kanarr David H. Ready
Director of Finance &Treasurer City Manager
Attachments: Budget Amendments (2)
/5 A
RESOLUTION NO.
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA,AMENDING THE BUDGET FOR THE 2001-02
FISCAL YEAR.
WHEREAS Resolution 20062 approving the budget for the fiscal year2001-02 was adopted
on June 6, 2001; 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 accordance with this Resolution, and that Resolution
20062, adopting the budget for the 2001-02 fiscal year is hereby amended as follows:
SECTION 1. ADDITIONS - GROUP 3
Fund Activity Account Amount
261 2493 51519 (300,873)
262 4492 51519 300,873
Bond Savings Library Parking Lot
Capital Projects
Purpose To disappropriate the project in the Capital Projects Fund and reappropriate
it in the Bond Savings Capital Projects Fund
SECTION 2. SOURCE
Refinancing of AD157 & 158 bond issues
FUND Activity Account Amount
261 29301 300,873
262 29301 (300,873)
Capital Projects Fund Balance
Adopted this day of 12001.
AYES:
NOES:
ABSENT:
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
City Clerk City Manager
REVIEWED AND APPROVED
RESOLUTION NO.
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, AMENDING THE BUDGET FOR THE 2001-02
FISCAL YEAR.
WHEREAS Resolution 20062 approving the budget for the fiscal year 2001-02 was adopted
on June 6, 2001; 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 accordance with this Resolution, and that Resolution
20062, adopting the budget for the 2001-02 fiscal year is hereby amended as follows:
SECTION 1. ADDITIONS - GROUP 3
Fund Activity Account Amount
001 29304 $450,000
General Fund Budgeted Transfers
In
Purpose To provide additional money to General Fund
SECTION 2. SOURCE
Savings from moved or cancelled appropriations
FUND Activity Account Amount
261 29306 $450,000
Capital Projects Budgeted
Transfers
Out
Adopted this day of , 2001.
AYES:
NOES:
ABSENT:
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
City Clerk City Manager
REVIEWED AND APPROVED