HomeMy WebLinkAbout5/21/2008 - STAFF REPORTS - 2.H. .y
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1FORN`P City Council Staff Report
DATE: May 21, 2008 Consent Calendar
SUBJECT: Transfer to General Fund from Capital Projects Fund;
Transfer to Public Safety Community Facilities District (CFD)
from General Fund
FROM: David H. Ready, City Manager
BY: Department of Finance and Treasury
SUMMARY
The proposed $400,000 transfer from the Capital Projects Fund would be funded by a
like reduction in the appropriation for the line item account SMG Convention Center
(see 261-1395-63565). The remaining funds in that account, about $461,000, are
sufficient for the Convention Center's capital needs this year.
The proposed transfer of $180,000 to the Public Safety CFD Fund is necessary to cover
the accumulated revenue shortfall from the last fiscal year and the current fiscal year.
RECOMMENDATION:
1) Approve Resolution No. amending the Fiscal year 2007-08 Budget to
transfer $400,000 from the Capital Projects Fund to the General Fund.
2) Approve Resolution No. amending the Fiscal year 2007.08 Budget to
transfer$180,000 from the General Fund to the Public Safety CFD Fund.
STAFF ANALYSIS:
The mid-year review of the FY 07-08 budget revealed that lower than expected revenue
primarily sales taxes, would push the Operating Funds into a deficit for the year. The
Public Safety CFD Fund, because of lower than expected assessment revenue, already
had a negative cash balance from the prior year.
Among the solutions presented by staff to the Council were the proposed transfers. The
funds in the Capital Projects Fund will become available by reducing the appropriation
for the Convention Center capital projects. The funds to be transferred to the Public
Item No. 2 • H
City Council Staff Report
May 21, 2008 -- Page 2
Transfer to General Fund from Capital Projects Fund,
Transfer to Public Safety CFD from General Fund
Safety CFD are coming from General Fund reserves.
FISCAL IMPACT:
The Public Safety CFD's negative cash balance will be eliminated. Transfer to cover
future years' deficits are likely to be necessary.
Funding for future, unscheduled capital projects for the Convention Center will be
reduced by $400,000.
The effect on the General Fund is a net transfer in of$220,000.
Geoffrey S. Kiehl Thomas M. Kanarr
Director of Finance & Treasurer Consultant
David H. Ready
City Manager
Attachments:
2 Resolutions
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RESOLUTION NO.
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, AMENDING THE BUDGET
FOR THE 2007-08 FISCAL YEAR.
WHEREAS Resolution 21901 approving the budget for the fiscal year 2007-08 was
adopted on June 6,2007; 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 21901, adopting the budget for the 2007-08 fiscal year is hereby
amended as follows:
SECTION 1. ADDITIONS
Fund Activity Account Amount
General Fund Fund Balance $400,000
001 29301
Purpose To cover a portion of the General Fund's FY 07-08 projected deficit.
SECTION 2. SOURCE Disappropriation in account 261-1395-63565, SMG
Convention Center; interfund transfers in and out.
Fund Activity Account Amount
Capital Projects Fund Balance $400,000
261 29301
ADOPTED THIS day of , 2008.
David H. Ready, City Manager
ATTEST:
James Thompson, City Clerk
0000y13
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
Q9dQQ 12
RESOLUTION NO.
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, AMENDING THE BUDGET
FOR THE 2007-08 FISCAL YEAR.
WHEREAS Resolution 21901 approving the budget forthe fiscal year 2007-08 was
adopted on June 6,2007; 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 21901, adopting the budget for the 2007-08 fiscal year is hereby
amended as follows:
SECTION 1. ADDITIONS
Fund Activity Account Amount
Public Safety CFD Fund Balance $180,000
140 29301
Purpose To cover accumulated deficit from FY 06-07 and FY 07-08.
SECTION 2. SOURCE General Fund reserves, via interfund transfers in and
out.
Fund Activity Account Amount
General Fund Fund Balance $180,000
001 29301
ADOPTED THIS day of , 2008.
David H. Ready, City Manager
ATTEST:
James Thompson, City Clerk
609005
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
CO IS