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Home My WebLink About2008-01-22 Ordinance 4987ORDINANCE NO.4987 ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO AUTHORIZING CLOSING OF THE BUDGET FOR FISCAL YEAR 2006-07 The Council of the City of Palo Alto does ordain as follows: SECTION 1. The Council of the City of Palo Alto finds and determines as follows: A. Pursuant to the provisions of Section 12 of Article III of the Charter of the City of Palo Alto and as set --forth-in-Se·et:-i-en~ .. 07-0-ef--the-Pa-le-A-l-te~M1:lnieil?a-I-Goae,----- the Council on June 12, 2006 did a budget for fiscal year B. Fiscal year 2006 07 has ended and the financial results, although subject to post-audit adjustment, are now available and are herewith reported in summarized financ Exhibits "A" I "B", "C", "D", "E", "F", "Gil and "H" prepared by the Director, Administrative Services, which are attached hereto, and by erence made a part hereof. SECTION 2. Pursuant to Section 2.28.080 of the Palo Alto Municipal Code, the City Manager during fiscal year 2006-07 did amend the budgetary accounts of City of Palo Alto to reflect: A. Addi onal appropriations authorized by ordinance of the City Council. B. Amendments to employee compensation plans adopted by the City Council. C. Transfers of appropriations from the contingent account as authorized by the City Manager. D. Redistribution of appropriations between divisions, cost centers, and objects within various departments as authorized by the City Manager. E. Fiscal Year 2006 07 appropriations which on I, 2006 were encumbered by properly executed, uncompleted, purchase orders or contracts. Page 1 of 6 July but SECTION 3. The Council hereby approves adjustments to the fiscal year 2006-07 budget for Fund Balancing Entries as shown on attached Exhibit ~A". SECTION 4. The Council hereby re-appropriates fis year 2006-07 appropriations certain departments and categories, as shown on the attached Exhibit ITB", which were not encumbered by purchase order or contract, at year end into the fiscal year 2007-08 budget. SECTION 5. The fiscal year 2006-07 encumbered balances for the departments and categories shown on Exhibit ~D" shall be carried forward and re-appropriated to those same departments and categories in the fiscal year To close the fiscal year 2006-07 budget accounts funds and departments and, as required by of the City of Palo Alto, to make such interdepartmental transfers the 2006-07 budget as adopted or amended by ordinance of the Council; and B. To close various completed Capital Improvement Projects (CIP) as shown Exhibit "C" and move balances of the General Fund completed CIP into tructure reserve and all other completed CIP to their respective reserve funds indicated in Exhibit ~G"; and C. To establish reserves as shown in Exhibits "E", (1) A reserve encumbrances and re- (2 ) appropriations the various funds, the purpose of which is to carry forward into the fiscal year 2007 08 budget and continue, in effect, the unexpended balance of appropriations for fiscal year 2006 07 departmental expenditures as shown in Exhibits "E" and ~F"; and Reserves for Advances to Stores Inventory, and other accordance with ordinance Page 2 of 6 Other Funds, reserves and policy guidelines as shown in Exhibit "E"i and (3) A reserve for general contingencies of such amount that the City Council has approved; and (4 ) Reserves for uti ties plant replacement, rate stabilization, and other reserves in accordance with Charter and policy guidelines as shown Exhibit "Gil. D. To fund the Budget Stabilization Reserve and the Infrastructure Reserve in accordance with the General Fund Reserves Policy adopted by the City Council; and ---~~~To-f-tlnd-the~Equi-ty~nsf-er--trt~b-i-l-i--z-a-e-i--eIl Reserve in accordance with the General Fund Reserves Policy by the ty 1. SECTION 7. The General Fund Equity Transfer Stabilization Reserve is hereby increased by sum of Fifty Nine Thousand Nine Hundred Thirty Dollars ($59,930)as shown in Exhibit "A", from the Stabilization Rate Reserves of the Utili Department Funds as follow: utilities Fund Amount Electric Distribution $ 4,691 Electric Supply $ 38,250 Gas Distribution $ 4,089 Gas Supply $ 12,900 ···'rotal .. _ ..... -~. ·C::;Q-Q::\O The General Fund Equity Trans Stabilization Reserve increased by $59,930 to $3,465,000. SECTION 8. The General Fund Budget Stabilization Reserve Rate Stabilization Reserve is hereby decreased by the sum of Five Million Nine Hundred Thousand Dollars ($5,900,000) as described in Exhibit "A". This transaction will change the balance in the General Fund Budget Stabilization Reserve to $27,480,000. -. -~--- SECTION 9. The Development Impact Fee Fund for Parks Fund Balance is hereby increased by Twenty Nine Thousand Page 3 of 6 Two Hundred Thirty One Dollars ($29,231) as described in Exhibit "A". This transaction will increase the Development Impact Fee for Parks Fund Balance to $1,897,000. SECTION 10. The Capital ect Fund Infrastructure Reserve hereby increased by Three Million Two Hundred Sixty Three Thousand Nine Hundred Seventy Three Dollars ($3,263,973) as described Exhibit "A". This transaction will change the Capital Project Fund Infrastructure Reserve to $15,815,000. SECTION 11. Adjustments Improvement Projects are made These changes have impact on impacts are included in Exhibit to various Capital as shown in Exhibit "H". reserve balances and these "A". SECTION 12. The Electric Supply Rate Stabilization Reserve is hereby increased by the sum of Five Hundred Sixty Five Thousand Nine Hundred Sixteen Dol ($565,916), as described in Exhibit "A". This transaction will change the balance the Electric Supply Rate Stabilization Reserve to $60,594,000. SECTION 13. The Electric Distribution Rate Stabilization Reserve is hereby increased by the sum of Three Hundred Seventy Two Thousand Nine Hundred Seventy Eight Dollars ($372,978) as described in Exhibit "A". This transaction will change the ectric Distribution Rate Stabilization Reserve to $10,517,000. SECTION 14. The Gas Supply Rate Stabilization Reserve is hereby decreased by the sum of Five Hundred Fifty Seven Thousand Nine Hundred Dollars ($557,900) as --. __ .. ,---------descrihed::::iIl:::::Exhibi-t \''--k'~.-Thi:s ____ t:::ransac-t ion-Wil-L_chaI:ig_e=the ___ ,~ ______________ ~ Gas Supply Rate Stabilization Reserve to $6,668,000. SECTION 15. The Gas Distribution Rate Stabilization Reserve is hereby increased by the sum of Forty Six Thousand Eight Hundred Fifty One Dollars ($46,851) as described in Exhibit "A". This transaction will decrease the Gas Distribution Rate Stabilization Reserve to $1,738,000. SECTION 16. The wastewater Collection Rate Stabilization Reserve is hereby decreased by Eleven Thousand Seven Hundred Seventy Dollars ($11,770) as described in Exhibit "A". This transaction will change the Page 4 of 6 Wastewater Collection $5 /803 /000. Rate Stabilization Reserve SECTION 17. The Water Rate Stabilization Reserve to hereby increased by the sum Nine Million Two Hundred Five Thousand Two Hundred Ninety Nine Dollars ($9 /205 /299) as described in Exhibit \\AII. This transaction will increase the Water Rate Stabilization Reserve to $16 /276 /000. SECTION 18. The Printing and Mailing Fund is hereby decreased by Twenty Six Thousand Two Hundred Dollars ($26 /200) as described in Exhibit "All. This transaction will decrease the Printing and Mailing Fund Balance to $373 /000. is hereby increased by Two Million Nine Hundred Thousand Dollars~2/9001000) as aescribed in Exliibit \\NI • This transaction will increase the Retiree Health Benefit Fund Balance to $30 /719,000. SECTION 20. Upon completion of the independent auditl detailed financial statements lecting the changes made by the Sections 7 through 19 of this ordinance shall be published as part of the annual financial report of the City as required by Article III, Section 16, of the Charter of the City of Palo Alto and accordance with generally accepted accounting principles. SECTION 21. As speci ed in Section 2.28.080 (a) of the Palo Alto Municipal Code l a two-thirds vote of the ty Council is required to adopt this ordinance. hereby finds that the enactment of this ordinance is not a project under the California Environmental Quality Act andl therefore I no environmental impact assessment is necessary. II II II II II Page 5 of 6 SECTION 23. As provided Section 2.04.330 of the Palo to Municipal Code l this ordinance shall become effective upon adoption. INTRODUCED AND PASSED: January 221 2008 AYES: DREKMEIERI ESPINOSA 1 KISHIMOT0 1 KLEINI MORTON 1 SCHMID 1 YEH NOES: ABSTENTIONS: ABSENT: BARTON 1 BURT APPROVED AS TO FORM: APPROVED: ~--=--2=-~ City Attorney Director Page 6 of 6