HomeMy WebLinkAbout6/5/2002 - STAFF REPORTS (23) Date: June 5, 2002
To: City Council
From: Director of Finance and Treasurer
Re: Establishment of Economic Development Program Account
RECOMMENDATION:
It is recommended that the City Council approve a budget amendment authorizing the
appropriation of$465,000 to establish an Economic Development Program account.
SUMMARY:
The account will be appropriated from General Fund reserves, and set up in the
Unallocated Appropriation activity. Specific projects or programs will be brought back
to Council for approval.
BACKGROUND:
During the budget review process for the upcoming fiscal year, the Council expressed a
desire to establish an account that could fund economic development programs. The
initial amount of $465,000 was set because that is the expected General Fund portion
of the proceeds from a land sale that will be completed in late summer, 2002.
The Operating Funds' budget surplus for Fiscal Year 2000-01 was more than $3.4
million. The surplus flowed into the Operating Fund reserves at the close of the fiscal
year.
Appropriating the funds this fiscal year has two advantages: the money is immediately
available if a project or program comes forward now; and the proceeds from the sale of
the land can be freed up to bring the Fiscal Year 2002-03 Budget into balance.
A resolution amending the Fiscal Year 2001-02 Budget is attached.
Thomas M. Kanarr David H. Ready
Director of Finance and Treasurer City Manager
ATTACHMENT: 1. Resolution
.xD. 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 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
Fund Activity Account Amount
001 1220 65110 $465,000
General Fund Unallocated Economic Develop
Appropriation Program
Purpose: To provide funds for Economic Development Programs & Projects per
direction from City Council.
SECTION 2. SOURCE From FY 00-01 Operating Fund surplus via General Fund
Reserves
FUND Activity Account Amount
001 29301 $465,000
General Fund Fund Balance
Adopted this day of 2002.
AYES:
NOES:
ABSENT:
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
City Clerk City Manager
REVIEWED AND APPROVED
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