HomeMy WebLinkAbout6/4/2003 - STAFF REPORTS (13) DATE: June 4, 2003
MEMO TO: City Council
FROM: Director of Finance & Treasurer
RE: Budget Amendment
Recommendation:
It is recommended that the City Council approve a budget amendment transferring
$378,000 from the Economic Development Program (account 001-1220-65110) to two
accounts in the Community Promotion Fund: $350,000 to the Film Festival (account
1 1 2-201 8-45640) and $28,000 to Holiday Decorations (account 1 1 2-201 8-45621).
Summary
The total transfer of$378,000 in the current fiscal year allows the budget for next fiscal
year to be reduced by a like amount.
Background
The Council appropriated S465,000 from Operating Fund reserves in FY 00-01 to
provide seed money for undefined economic development programs Except for an
$87,000 commitment to the "Share the Legend" cooperative advertising campaign for
Palm Springs' downtown, the money remains unspent.
Part of the budget-balancing package recommended to Council at the May 14, 2003
Study Session was to use the remaining Economic Development Program funds to
cover the cost of the increased Film Festival sponsorship ($200,000) and to eliminate
the balance ($178,000).
The recommended action accomplishes this goal in the most expeditious accounting
manner. The transferred funds will remain unspent as of June 30, 2003, and can
therefore be continued in the next fiscal year. In effect, the transfer is a pre-funding of
the Film Festival and Holiday Decorations appropriations.
The attached budget amendment will accomplish the transfer. The request for a
continuing appropriation will be included with the annual City-wide continuing
appropriation resolution on the Council's June 18, 2003 agenda
APPROVED:
Thomas M. Kanarr David H. Ready
Director of Finance & Treasurer City Manager
Attachment: Budget Amendment
RESOLUTION NO
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA,AMENDING THE BUDGET FOR THE 2002-03
FISCAL YEAR.
WHEREAS Resolution 20357 approving the budget forthe fiscal year2002-03 was adopted
on June 5, 2002, 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
20357, adopting the budget for the 2002-03 fiscal year is hereby amended as follows
SECTION 1. ADDITIONS
Fund Activity Account Amount
45640
112 2018 Film Festival $350,000
Community Special Events 45621 $ 28,000
Promotion Holiday
Decorations
Purpose To provide funding to replace next fiscal years appropriations
SECTION 2. SOURCE Via interfund transfers
Fund Activit Account Amount
001 1220 65110 $378,000
General Fund Unallocated Economic
Appropriation Development
Program
Adopted this day of 2003.
AYES:
NOES-
ABSENT:
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
City Clerk City Manager
REVIEWED AND APPROVED
iV