HomeMy WebLinkAbout2006-06-21 STAFF REPORTS 2L �pALM Sp4
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Oq<<FORN�� CITY COUNCIL. STAFF REPORT
DATE: June 21, 2006 Consent Calendar
SUBJECT: AUTHORIZE TRANSFER OF FUNDS FOR CONVENTION CENTER
KITCHEN REMODEL TO CAPITAL IMPROVEMENT FUND
FROM: David H. Ready, City Manager
BY: Department of Finance and Treasury
SUMMARY
This action would transfer $398,921.54 from the Community Promotions Fund to the
Capital Improvement Fund for the remodeling of the Convention Center Kitchen.
RECOMMENDATION:
Approve RESOLUTION NO. OF THE CITY COUNCIL OF THE CITY OF
PALM SPRINGS, CALIFORNIA, AMENDING THE BUDGET FOR THE 2005-2006
FISCAL YEAR.
STAFF ANALYSIS:
Previously expenditures for capital improvement projects for the Convention Center and
Visitor's Center, not funded by bonds, were recorded in the Community Promotions
Fund. These appropriations when carried over into a new fiscal year will inflate the
operating expenditures for the next fiscal year. Staff recommended during the budget
study sessions for the Fiscal Year 2006-2007 budget that in the future, funds of the
convention center identified for capital projects be transferred to the Capital
Improvement Fund and expenditures be recorded there.
This will allow for more accurate reporting of the operating expenses of the Convention
Center and are in line with the recommendations of GASB 34.
Item No. 2 . L.
City Council Staff Report
June 21, 2006 -- Page 2
Authorize Transfer of Funds to Capital Improvement Fund
FISCAL IMPACT:
This action will transfer $398,721.54 from the Community Promotions Fund to the Capital
Improvement Fund. These funds have already been approved for the remodeling of the
Convention Center Kitch a�
c
Craig . Graves, irector of Finance and y L. Butz a , ssistant City Manager-
Try surer inistrat e S rvices
David H. Ready, it
er
Attachments:
RESOLUTION NO.
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, AMENDING THE BUDGET
FOR THE 2005-06 FISCAL YEAR.
WHEREAS Resolution 21283 approving the budget for the fiscal year 2005-06 was
adopted on June 8, 2005; 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 21283, adopting the budget for the 2005-06 fiscal year is hereby
amended as follows:
SECTION 1. ADDITIONS
Fund Activity Account Amount
261 1395 63557 $148,921.54
261 1395 Pending $250,000.00
Purpose 63557 Convention Center Expansion
Pending SMG Convention Center
SECTION 2. SOURCE
Fund Activity Account Amount
112 2080 50000 $148,921.54
112 2080 43240 $250,000.00
ADOPTED THIS day of , 2006.
David H. Ready, City Manager
ATTEST:
James Thompson, City Clerk
CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF PALM SPRINGS )
I, JAMES THOMPSON, City Clerk of the City of Palm Springs, hereby certify that
Resolution No. is a full, true and correct copy, and was duly adopted
at a regular meeting of the City Council of the City of Palm Springs on
by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
James Thompson, City Clerk
City of Palm Springs, California