| Back To Agenda | Print Page | ||
|
|
|||
|
FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY DATE: FEBRUARY 20, 2007 SUBJECT: FY06-07 MIDYEAR FINANCIAL REPORT Attachemnt: RESOLUTION NO. 2007 RECOMMENDATION 1) Receive and file the midyear financial report; and 2) ADOPT RESOLUTION NO. 2007- , AMENDING RESOLUTION NO. 2006-41, THE BUDGET APPROPRIATION FOR FY06-07, TO ADJUST APPROPRIATIONS IN THE GENERAL FUND, CAPITAL IMPROVEMENT PROJECTS, STREET MAINTENANCE, 1972 ACT, 1911 ACT, WASTE REDUCTION, PROPOSITION A, HABITAT RESTORATION, AND MEASURE A MAINTENANCE FUNDS OF THE CITY. EXECUTIVE SUMMARY Based upon Staff’s analysis of the City’s financial activities during the first half of FY06-07, it appears that revenues and expenditures will generally approximate the budget, except as described otherwise in this report. Except as noted below, fund balances as of June 30, 2007 are expected to approximate estimated fund balances presented with the FY06-07 budget (see Attachment A – “FY06-07 Combined Summary Of Funds – Midyear Financial Report”). Total estimated General fund revenue is expected to exceed the FY06-07 budget of $17,897,600 by about $400,000. If the City Council approves the recommended General fund budget adjustments with a net positive effect of $45,780, the revised estimate of June 30, 2007 General fund reserves will be $12,908,056. When the FY06-07 budget was adopted, the estimate of June 30, 2007 General fund reserves was $10.4 million. The increased estimate is primarily attributable to positive variances realized for FY05-06. INTRODUCTION The Municipal Code of the City of Rancho Palos Verdes requires that a midyear review of the annual budget be presented to the City Council. Based upon Staff’s analysis of the City’s financial activities during the first half of FY06-07, it appears that revenues and expenditures will generally approximate the budget, except as described otherwise in this report. The Summary Schedule of General Fund Revenue is presented below. Discussion regarding revenue projections for several other funds of the City has been included later in the report. It is important to understand that these revenue projections are based upon Staff's analysis using trend comparisons with previous years, and reports provided by state, county and local agencies. It should be noted that future economic activity, legislation and policy decisions, as well as any other unforeseen circumstances could affect the City's revenue stream for the remainder of FY06-07. The midyear financial report also includes discussion and analysis of anticipated expenditures, the status of major projects not yet completed, and other relevant developments related to the FY06-07 budget. If the activity of a particular fund, department or program is not discussed, there is nothing significant to report and revenues and expenditures are not expected to materially deviate from the amounts budgeted. Throughout the midyear financial report, Staff has recommended several budget adjustments necessary to assure budgetary compliance. FINANCIAL REPORT AND MANAGEMENT DISCUSSION AND ANALYSIS Staff has included the “FY06-07 Combined Summary of Funds - Midyear Financial Report” (Attachment A) to summarize the estimated FY06-07 activity and ending fund balances for all funds within the City. The schedule includes revised revenue and expenditure projections. General Fund Revenue It is difficult to estimate future revenue from sources such as utility users’ taxes and permit fees. These types of revenues are predicated on conditions outside the City’s control. As an example, planning and building permit revenues will fluctuate with the economy, as well as other conditions such as the weather. Additionally, several significant franchise tax revenues are received annually after preparation of the midyear report. For these revenues, Staff has either reported FY06-07 estimated revenues as the budgeted amount or a conservative figure based on the amount of information currently available. SUMMARY SCHEDULE OF GENERAL FUND REVENUE: Discussion and analysis regarding General fund revenues is presented below. As part of the FY06-07 budget process, certain revenue budgets (i.e. property tax, sales tax, and interest earnings) were increased to capture recent favorable trends. Also, after the FY05-06 financial statements were finalized, additional revenue budgets (i.e. utility user tax and interest earnings) were increased based on actual FY05-06 results. Staff does not believe there will be additional material revenue variances, and has recommended only a few small additional adjustments. Staff is not recommending budget adjustments for immaterial anticipated variances. Therefore, if the City Council approves the recommended adjustments to revenue, the revised FY06-07 General fund revenue budget will only be about $18.1 million versus the $18.3 million estimate shown in the revenue table above. If a particular revenue source is not discussed, there is nothing significant to report and anticipated revenues are not expected to materially deviate from the FY06-07 budget. Property Transfer Tax Based on year to date activity, Staff anticipates that Property Transfer Tax will approximate $256,000 during FY06-07. Only $127,879 has been received through November 2006, which is only about 70% of the amount received for the same time period in FY05-06. Property transfer tax received during FY05-06 was about $366,000. The FY06-07 budget is $396,900. Staff requests a budget decrease of $141,000. Property transfer tax is derived from sales of housing units; therefore, the FY06-07 revenue decrease is consistent with the current housing market. Franchise Tax Franchise tax is currently tracking to reach as much as $1.39 million; although Staff believes that FY06-07 franchise tax will not reach the FY05-06 actual amount of $1.45 million. Franchise tax received for FY05-06 included a $65,000 payment from Cox Cable for tax computation errors from prior years. Staff requests a budget increase for $75,000. Golf Tax Golf tax received through November 2006 was $184,753. Considering the slower winter months, Staff believes FY06-07 golf tax revenue will be about $360,000. The budget is $300,000; therefore, a budget increase of $60,000 is requested. Planning & Zoning Permits The FY06-07 budget for Planning & Zoning permit revenue is $207,068. Revenue of $165,014 has been received through December 2006. When the FY06-07 budget was prepared, Planning Staff believed that remodel activity would slow down during the fiscal year. To date, the permit activity has remained strong for FY06-07. Staff estimates this revenue may reach as much as $300,000, and requests a $90,000 budget adjustment accordingly. Point Vicente Interpretive Center (PVIC) Facility Rental The current budget for PVIC facility rental fees is $38,800. Due to the popularity of PVIC, $64,787 has been received through December 2006. Staff estimates that PVIC facility rental revenue could reach $130,000 during FY06-07. Staff requests a budget adjustment for $90,000. General Fund Expenditures Based on a historical analysis of prior years, total General fund expenditures for the first six months of the fiscal year should not exceed 45% of budgeted appropriations in order to remain within budgeted limits. Total General Fund expenditures through December 31, 2006 were approximately 36% of budget; therefore, it appears estimated expenditures for FY06-07 will be within the total General fund budget. Budgetary compliance is determined by program. Expenditures in a few individual programs are expected to exceed the current FY06-07 budget, and Staff requests the following adjustments to assure budgetary compliance. General Liability Insurance The City’s FY06-07 general liability insurance primary deposit was $42,000 more than budgeted. In addition to the primary deposit, the California Joint Powers Insurance Authority calculates a retrospective adjustment based on actual claim history. Each annual calculation, performed at the end of the fiscal year, includes adjustments spread over four years. Staff has been informed that the first three years (or 75%) of the FY06-07 retrospective adjustment requires an additional payment of about $230,000. Staff requests a total budget adjustment of $300,000 that includes: 1) The excess FY06-07 general liability primary deposit of $42,000; 2) The known portion of the retrospective adjustment totaling $230,000; and 3) A cushion of $28,000 for the unknown fourth-year portion of the retrospective adjustment. It is possible that the unknown fourth-year portion of the FY06-07 retrospective payment will exceed $28,000. If that is the case, Staff will return at fiscal year-end for an additional FY06-07 general liability insurance budget increase. City Attorney The City Attorney has estimated that legal fees will exceed the FY06-07 budget of $876,500 by about $300,000. The City Attorney has advised that the additional fees are primarily related to the Monks case. As such, Staff requests a budget increase of $300,000 for legal service expenditures. Personnel Due to additional recruiting advertisements placed for the Director of Public Works and Senior Engineer positions, Staff anticipates the advertising budget in the Personnel program will be exceeded by about $4,000. Therefore, Staff requests a budget increase of $4,000 for the additional expenditures. Finance Professional Services Each year the County charges the City a property tax administration fee to collect, account for, and disburse property tax. The FY06-07 budget included $85,100 for this fee. The County actually charged the City $109,320 for FY06-07. City management does not have any control over this fee. Staff requests a budget adjustment in the amount of $24,220 to appropriate the additional expenditure. PVIC Part-Time Wages Additional events, a full rental calendar, and extensive training have contributed to a need for higher levels of part-time staffing than what was anticipated during FY06-07 budget preparation. Staff requests the FY06-07 budget of $58,900 be increased by $15,000 to $73,900. General Fund Transfers The City is able to use $15,000 of Waste Reduction monies to conduct storm drain screening as part of the General fund Storm Water Quality program that accounts for National Pollutant Discharge Elimination System (NPDES) activities. Staff requests a budget increase for General fund transfers-in of $15,000. Estimated General Fund Balance, June 30, 2007
When the FY06-07 budget was originally adopted, the estimated June 30, 2007 unreserved General fund balance was $10,462,630. As shown above, the current FY06-07 budget estimate for the June 30, 2007 General fund reserve is $12,862,276. The $2.4 million estimated favorable variance is attributable to the following: - The General fund realized positive FY05-06 variances totaling $2.7 million, as reported to City Council on January 16, 2007. If the City Council authorizes the General fund budget adjustments requested above, the revised estimate of the June 30, 2007 General fund reserve would be $12,908,056 ($12,862,276 plus a net increase of $45,780). The estimated General fund reserve is greater than the City Council’s reserve policy level, currently calculated as $8,948,800 or 50% of the budgeted General fund revenue of $17,897,600. Staff has prepared a snapshot of the General fund summary in the 2006 Five-Year Financial Model (“2006 Model”). The snapshot has been updated with the actual July 1, 2006 fund balance, the current FY06-07 budget, and permanent revenue gains for interest earnings and utility users’ tax. The 2006 Model was last updated and presented to the Finance Advisory Committee on June 28, 2006. At that time, the estimated General fund reserve at the end of FY10-11 was less than $3.2 million. The updated snapshot now shows the estimated General fund reserve at the end of FY10-11 as $7.7 million. The General fund reserve is currently estimated to fall below the policy threshold in FY10-11.
CAPITAL PROJECTS FUNDS Capital Improvement Projects (CIP) Fund Revenue and Transfers In Certain project construction costs are reimbursed with grant funds or transfers from restricted funds of the City (e.g. Proposition C and Quimby funds). The amount of FY06-07 grant revenue or transfers from other funds depends upon the percentage of project completion at fiscal year-end. Current year grant revenue and transfers-in will be less than budget, proportionate to the estimated decrease in year-end project expenditures. Such grant revenue and transfers-in will likely be carried over and re-budgeted to FY07-08 to match the period in which actual project expenditures will be incurred. As discussed in the Street Maintenance section of this report, Staff requests approval of a $372,375 operating transfer to move Traffic Congestion Relief (Proposition 42) monies from the Street Maintenance fund to the CIP fund for use in the Residential Overlay program. Over the last several fiscal years, the CIP fund balance has continued to grow due to the following factors: - When a project is funded with General fund monies, the entire General fund operating transfer is processed to provide the CIP fund with cash flow. There has been expenditure savings associated with projects funded in this manner (e.g. vacant Senior Engineer position and City-wide storm drain repairs noted below). With the Traffic Congestion Relief funding transfer noted above, the estimated June 30, 2007 CIP fund balance will be more than $1.1 million. The CIP fund balance is City Council restricted, and is not restricted by outside agencies. Restricted monies (e.g. Measure A, Proposition C, etc.) that provide funding for CIP projects are transferred for the exact amount of actual project expenditures after the expenditures are made. Therefore, any residual fund balance is comprised of original General fund monies. The FY06-07 budget includes a $1.5 million General fund operating transfer to fund the Residential Overlay program. Staff requests a budget adjustment to reduce the amount of the General fund transfer by $500,000 and utilize a portion of the accumulated CIP fund balance. CIP Fund Expenditures Sixteen projects, with total costs of approximately $6.9 Million, are budgeted for FY06-07. Many projects begin after the winter rainy season, are not completed prior to fiscal year-end, and need to be re-budgeted or carried over as a continuing appropriation to the next fiscal year. Staff expects that this is also true for FY06-07. An update of major projects is included below. Residential Overlay (FY06-07 budget of $3,717,945) Public Works Staff will begin advertising for bids at the end of February 2007. Construction is scheduled to begin June 2007. Arterial Overlay (FY06-07 budget of $1,680,874, lifetime budget of $1,723,530) Arterial overlay is funded with restricted federal monies passed through Caltrans. The project has been designed, and is currently awaiting approval from Caltrans. Once approval is received, Public Works Staff will advertise for bids. Construction is expected to begin prior to the end of the current fiscal year. Forrestal Swale (FY06-07 budget of $428,009, lifetime budget of $480,262) The swale improvements have substantially been completed, and Public Works Staff anticipates filing the Notice of Completion within the next month. Hawthorne Median Landscaping (FY06-07 budget of $150,000) The FY06-07 budget is for the first phase of this multi-year, large-scale project. Public Works Staff anticipates the design work for the full project will begin prior to the end of the fiscal year. McCarrell Canyon Interim Improvement – Gabion Wall (FY06-07 budget of $150,000) The gabion wall facility has been completed at a total cost of $113,475. The City Council approved the Notice of Completion on January 30, 2007. Bluff-Top Safety Fence (FY06-07 budget of $150,000) The fence improvements have been completed at a total cost of $129,505. The City Council approved the Notice of Completion on January 30, 2007. Roadside Landscaping – Palos Verdes Drive South At Palos Verdes Drive East (FY06-07 budget of $120,000) The design work for this landscaping project will begin at the end of February 2007. Public Works Staff believes that the improvements will begin prior to the end of the fiscal year. Estimated CIP Fund Balance, June 30, 2007
The June 30, 2007 fund balance in the CIP fund was estimated to be $128,404 when the FY06-07 budget was prepared. As shown in the table above, the fund balance is currently budgeted to be $790,835, which does not include adjustments requested in the staff report. The $662,431 estimated favorable variance is primarily attributable to the following: - The FY05-06 budget included an expenditure of $215,200 for the open space land purchase. The expenditure using CIP fund reserves was requested to cover the required escrow deposit, before grant retention monies were received. After escrow was closed and grant retentions were received, the expenditure for the escrow deposit was reversed. Therefore, no net expenditure was incurred for this FY05-06 appropriation. If the requested operating transfers are approved, the revised estimated June 30, 2007 fund balance will be $663,210. During FY05-06, the City received a $634,194 FEMA reimbursement for repair of the Western Avenue sinkhole. However, it is unclear whether the final costs will be allowable under FEMA guidelines. If the costs are not allowed, the $634,194 would have to be returned to FEMA. Therefore, Staff believes it is prudent to allow this FEMA reimbursement to remain in the City Council restricted CIP fund balance until the issues of responsibility for repair and funding sources are resolved. ENTERPRISE FUND Water Quality Flood Protection (WQFP) Expenditures Public Works Staff has provided a status of the WQFP program in the February 20, 2007 staff report titled “Water Quality Flood Protection Program Update”. Staff has prepared a summary of potential changes to the WQFP five-year plan that includes a potential additional need of about $3.3 million to move the McCarrell Canyon project forward to Summer 2008, provide for additional storm drain lining, miscellaneous repairs, and additional property acquisition costs (see Attachment B). Per the WQFP Rate Model, the McCarrell Canyon ultimate improvements project is currently scheduled to complete construction in 2016. Public Works Staff will present the recommended plan to the City Council at the February 20, 2007 City Council meeting. Staff anticipates that some of the FY06-07 projects will not completed prior to fiscal year-end and will need to be re-budgeted or carried over as a continuing appropriation to the next fiscal year. An update of major projects is included below. Sunnyside Ridge Drainage Project (FY06-07 budget of $1,779,996) Public Works Staff anticipates the construction contract will be awarded by City Council in April 2007. The project is scheduled to begin June 2007. Storm Drain Lining (FY06-07 budget of $781,237) Storm Drain Lining is performed on a continual basis. Public Works Staff anticipates that the entire budgeted amount will be spent by fiscal year end. Via Colinita (FY06-07 budget of $482,388) This storm drain improvement is currently in the design phase. Public Works Staff believes that construction could begin late Spring 2007. McCarrell Canyon Ultimate Improvements (FY06-07 budget of $170,943) The design work for this multi-year project is scheduled to begin Spring 2007. Estimated Water Quality Flood Protection Fund Balance, June 30, 2007
The FY06-07 budget estimate of the June 30, 2007 WQFP fund balance was $20,585. The $23,255 favorable variance is attributable to additional interest earnings. SPECIAL REVENUE FUNDS Street Maintenance Revenues The State has reported that the City will receive $318,325 of prior years’ Traffic Congestion Relief monies (Proposition 42) during FY06-07. The payments of $145,499 for FY03-04 and $172,826 for FY04-05 apportionments were not funded until the current fiscal year. The receipt of the FY06-07 payments was not budgeted due to the uncertainty of State funding. These monies are restricted to certain street maintenance activities. Public Works staff has planned to use these monies for the Residential Overlay program. A revenue budget increase of $318,325 is requested for the FY06-07 payments. Street Maintenance Transfers As noted above, Public Works Staff plans to use the restricted Traffic Congestion Relief monies for the Residential Overlay project. The FY06-07 budget includes $140,000 to transfer the FY05-06 apportionment to the CIP fund. The actual Traffic Congestion Relief apportionment for FY05-06 was $194,050. Therefore, staff requests a budget adjustment to transfer the additional $54,050 for the FY05-06 apportionment and $318,325 for the current year payments to the CIP fund for the Residential Overlay project. The total requested operating transfer increase is $372,375. Estimated Street Maintenance Fund Balance, June 30, 2007
The June 30, 2007 fund balance in the Street Maintenance fund was estimated to be $280,577 when the FY06-07 budget was prepared. As shown in the table above, the fund balance is currently budgeted to be $586,508. The estimated $305,931 favorable variance is primarily attributable to the following: - Landscape maintenance expenditure savings during FY05-06 totaled about $50,000. If the requested adjustments to revenue and transfers-out are approved, the revised estimated June 30, 2007 fund balance will be $532,458. Estimated 1972 Act Fund Balance, June 30, 2007
The June 30, 2007 fund balance in the 1972 Act fund was estimated to be $382 when the FY06-07 budget was prepared. As shown in the table above, the fund balance is currently budgeted to be negative $32,775. Historically, 1972 Act assessments have provided funding for the City’s traffic signal maintenance program. For FY05-06, the City replaced the 1972 Act funding with 1911 Act funding for traffic signal maintenance, and made a corresponding decrease to the 1972 Act assessments. However, the budgeted operating transfer to the Street Maintenance fund for traffic signal maintenance funding was not adjusted. Therefore, in FY05-06, the 1972 Act fund transferred $50,755 to the Street Maintenance fund for traffic signal maintenance. The funding transfer should have come from the 1911 Act fund. Staff requests a budgeted transfer of $50,755 from the 1911 Act fund to the 1972 Act fund. The transfer will restore the estimated 1972 Act fund balance to a positive $17,980. Estimated 1911 Act Fund Balance, June 30, 2007
The June 30, 2007 fund balance in the 1911 Act fund was estimated to be $1,182,951 when the FY06-07 budget was prepared. As shown in the table above, the fund balance is currently budgeted to be $1,421,558. The estimated favorable variance totaling $238,607 is primarily attributable to FY05-06 maintenance expenditure savings and additional interest earnings. As noted above, Staff requests a FY06-07 budget adjustment to transfer FY05-06 assessment revenue to the 1972 Act fund, for reimbursement of FY05-06 traffic signal maintenance funding. If the requested operating transfer is approved, the revised estimated June 30, 2007 fund balance will be $1,370,803. Waste Reduction Transfers As noted in the General fund section of this report, the City is able to use $15,000 of Waste Reduction monies to conduct storm drain screening as part of the General fund Storm Water Quality program that accounts for NPDES activities. Staff requests a budget increase for Waste Reduction transfers-out of $15,000. Estimated Waste Reduction Fund Balance, June 30, 2007
The June 30, 2007 fund balance in the Waste Reduction fund was estimated to be $257,112 when the FY06-07 budget was prepared. As shown in the table above, the fund balance is currently budgeted to be $234,147. If the requested operating transfer is approved, the revised estimated June 30, 2007 fund balance will be $219,147. Estimated Proposition C Fund Balance, June 30, 2007
The June 30, 2007 fund balance in the Proposition C fund was estimated to be $378,288 when the FY06-07 budget was prepared. As shown in the table above, the fund balance is currently budgeted to be $519,454. The estimated favorable variance of $141,166 is primarily due to the receipt of an additional $106,000 of Proposition C revenue, and $35,000 of additional interest earnings during FY05-06. Proposition A Expenditures The FY06-07 budget includes a $57,300 contribution to the Municipal Area Express transit system (MAX). The actual City contribution for FY06-07 will be $60,200; therefore, Staff requests an adjustment of $2,900 for the increased contribution. Estimated Proposition A Fund Balance, June 30, 2007
The June 30, 2007 fund balance in the Proposition A fund was estimated to be $152,160 when the FY06-07 budget was prepared. As shown in the table above, the fund balance is currently budgeted to be $261,656. The estimated favorable variance of $109,496 is primarily due to the receipt of an additional $89,000 of Proposition A revenue, and $12,000 of additional interest earnings during FY05-06. If the additional MAX contribution is approved, the revised estimated June 30, 2007 fund balance will be $258,756. Estimated Habitat Restoration Fund Balance, June 30, 2007
The June 30, 2007 fund balance in the Habitat Restoration fund was estimated to be $76,852 when the FY06-07 budget was prepared. As shown in the table above, the fund balance is currently budgeted to be $4,485. The FY05-06 budget included California Department of Fish & Game grant revenue and a corresponding expenditure for open space preserve management baseline studies. The baseline studies were not completed in FY05-06, and were carried forward to FY06-07; however, the corresponding grant revenue was not re-budgeted in FY06-07. Staff requests a budget adjustment for grant revenue in the amount of $83,162. If the budget adjustment is approved, the revised estimated June 30, 2007 fund balance will be $87,647. During FY05-06, the Habitat Restoration fund received additional interest earnings of $10,795; which accounts for the favorable variance to the original estimated June 30, 2007 fund balance. Estimated Measure A Maintenance Fund Balance, June 30, 2007
The June 30, 2007 fund balance in the Measure A Maintenance fund was estimated to be $58,452 when the FY06-07 budget was prepared. As shown in the table above, the fund balance is currently budgeted to be negative $351,329. The FY06-07 budget includes a Measure A funding transfer for the Forrestal swale improvement project in the CIP fund. However, the FY06-07 budget does not include the corresponding grant revenue that will provide the funding. Staff requests a budget adjustment for grant revenue in the amount of $428,009. If the budget adjustment is approved, the revised estimated June 30, 2007 fund balance will be $76,680. INTERNAL SERVICE FUNDS Estimated Employee Benefits Fund Balance, June 30, 2007
The June 30, 2007 fund balance in the Employee Benefits fund was estimated to be $290,388 when the FY06-07 budget was prepared. As shown in the table above, the fund balance is currently budgeted to be $470,580. The estimated favorable variance of $180,192 is primarily due to FY05-06 health insurance savings of about $107,000, pension contribution savings of about $45,000, and other immaterial benefit expenditure savings totaling about $26,000. Estimated Equipment Replacement Fund Balance, June 30, 2007
The June 30, 2007 fund balance in the Employee Benefits fund was estimated to be $2,345,231 when the FY06-07 budget was prepared. As shown in the table above, the fund balance is currently budgeted to be $2,696,209. The estimated favorable variance of $350,978 is primarily due to the following: - The Equipment Replacement Fund received about $35,000 of additional interest earnings during FY05-06. RECOMMENDED BUDGET ADJUSTMENTS Staff recommends the following budget adjustments, as noted within this report. General Fund Revenue Adjustments: General Fund Expenditure Adjustments: Capital Improvement Projects Fund Transfer Adjustments: Street Maintenance Fund Adjustments: 1972 Act Fund Adjustment: 1911 Act Fund Adjustment: Waste Reduction Fund Adjustment: Proposition A Fund Adjustment: Habitat Restoration Fund Adjustment: Measure A Maintenance Fund Adjustment: CONCLUSION Except as discussed above, estimated revenues and expenditures are expected to approximate the budget in all funds of the City for FY06-07. Respectfully submitted, Dennis McLean, Director of Finance & Information Technology Reviewed, Paul Bussey, Interim City Manager RESOLUTION NO. 2007- A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RANCHO PALOS WHEREAS, Section 3.32 of the Rancho Palos Verdes Municipal Code provides that all expenditures in excess of budgeted allocations must be by supplemental appropriation of the City Council: and WHEREAS, on June 6, 2006, the City Council of the City of Rancho Palos Verdes adopted Resolution 2006-41, approving a spending plan and authorizing a budget appropriation for FY06-07: and WHEREAS, certain FY06-07 program and/or department revenues, expenditures and transfers, as described below, are expected to deviate from the amount budgeted; and WHEREAS, the City Council desires that the FY06-07 budget be adjusted. BE IT, THEREFORE, RESOLVED BY THE CITY COUNCIL OF THE CITY OF RANCHO PALOS VERDES: The following adjustments be made to the FY06-07 budget: General Fund Revenue Adjustments: General Fund Expenditure Adjustments: General Fund Transfer Adjustments: Capital Improvement Projects Fund Transfer Adjustments: Street Maintenance Fund Adjustments: 1972 Act Fund Adjustment: 1911 Act Fund Adjustment: Waste Reduction Fund Adjustment: Proposition A Fund Adjustment: Habitat Restoration Fund Adjustment: Measure A Maintenance Fund Adjustment: PASSED, APPROVED, AND ADOPTED THE 20th DAY OF FEBRUARY 2007. ___________________________ ______________________ State of California ) I, CAROLYNN PETRU, City Clerk of The City of Rancho Palos Verdes, hereby certify that the above Resolution No. 2007- was duly and regularly passed and adopted by the said City Council at regular meeting thereof held on February 20, 2007. _____________________________ |
