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Home My WebLink About2007-01-22 Ordinance 4931ORDINANCE NO. 4931 ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO AUTHORIZING CLOSING OF THE BUDGET FOR FISCAL YEAR 2005-06 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 Section 2.28.070 of the Palo Alto Municipal Code, the Council on June 20, 2005 did adopt a budget for fiscal year 2005-06; and B. Fiscal year 2005-06 has ended and the financial results, although subject to post-audit adjustment, are now available and are herewith reported in summarized financial Exhibits "A", "B", "C", "D", "E", "F", "G" and "H" prepared by the Director, Administrative Services, which are attached hereto, and by reference made a part hereof. SECTION 2. Pursuant to Section 2.28.080 of the Palo Alto Municipal Code, the City Manager during fiscal year 2005-06 did amend the budgetary accounts of the City of Palo Alto to reflect: A. Additional 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 2005-06 appropriations which on July 1, 2006 were encumbered by properly executed, but uncompleted, purchase orders or contracts. Page 1 of 6 SECTION 3. The Council hereby approves adjustments to the fiscal year 2005-06 budget for Fund Balancing Entries as shown on attached Exhibit "A". SECTION 4. The Council hereby reappropriates fiscal year 2005-06 appropriations in certain departments and categories, as shown on the attached Exhibit "B" , which were not encumbered by purchase order or contract, at year end into the fiscal year 2006-07 budget. SECTION 5. The fiscal year 2005-06 encumbered balances for the departments and categories shown on Exhibit "0" shall be carried forward and reappropriated to those same departments and categories in the fiscal year 2006-07 budget. SECTION 6. directed: The City Manager is authorized and A. To close the fiscal year 2005-06 budget accounts in all funds and departments and, as required by the Charter of the City of Palo Alto, to make such interdepartmental transfers in the 2005-06 budget as adopted or amended by ordinance of the Council; and B. To close various completed Capital Improvement Projects (CIP) as shown in Exhibit "C" and move the balances of the General Fund completed CIP into the infrastructure 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", "F" and "G" for all Funds as necessary to provide for: (1) A reserve for encumbrances and reappropriations in the various funds, the purpose of which is to carry forward into the fiscal year 2006-07 budget and continue, in effect, the unexpended balance of appropriations for fiscal year 2005-06 departmental expenditures as shown in Exhibits "E" and "F"; and (2) Reserves for Advances to Other Funds, Stores Inventory, and other reserves in accordance with ordinance and policy guidelines as Page 2 of 6 • I • .. , shown in Exhibit "E"; and (3) A reserve for general contingencies of such amount that the City Council has approved; and ( 4 ) Reserves for utilities plant replacement, rate stabilization, and other reserves in accordance with Charter and policy guidelines as shown Exhibit \\G", 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 E. To fund the Equity Transfer Stabilization Reserve in accordance with the General Fund Reserves Policy adopted by the City Council. SECTION 7. The General Fund Equity Transfer Stabilization Reserve is hereby increased by the sum of Two Hundred Forty Thousand Two Hundred Dollars ($240,200), as shown in Exhibit "A", from the Stabilization Rate Reserves of the Utilities Department Funds as follow: utilities Fund Amount Electric Distribution $ 89,813 Electric Supply $ 89,812 Gas Distribution $ 30,288 Gas Supply $ 30,287 'rotal $ 240,200 The General Fund Equity Transfer Stabilization Reserve is increased to $3,405,000. SECTION 8. The General Fund Budget Stabilization Reserve is hereby decreased by the sum of One Million Thirty Thousand Dollars ($1,030,000) as described in Exhibit "A". This transaction will decrease the balance in the General Fund Budget Stabilization Reserve to $22,731,000. SECTION Reserve is 9. The Electric Supply Rate Stabilization hereby decreased by the sum of Eighty Nine Page 3 of 6 Thousand Eight Hundred Eighty Two Dollars ($89,812), as described in Exhibit "Au. This transaction will reduce the balance in the Electric Supply Rate Stabilization Reserve to $64,542,000. SECTION 10. The Electric Distribution Rate Stabilization Reserve is hereby increased by the sum of Two Million Six Hundred Thirty Three Thousand Five Hundred Forty Two Dollars ($2,633,542) as described in Exhibit "Au. This transaction will increase the Electric Distribution Rate Stabilization Reserve to $12,281,000. SECTION 11. The Electric Public Benefit Program Reserve is hereby decreased by Five Hundred Thirty Five Thousand Five Hundred Fifty Dollars ($535,550) as described in Exhibit "Au. This transaction will decrease the balance in the Electric Public Benefit Program to $1,384,000~ SECTION 12. The Gas Supply Rate Stabilization Reserve is hereby decreased by the sum of Thirty Thousand Two Hundred Eighty Seven Dollars ($30,287) as described in Exhibit "AU. This transaction will decrease the Gas Supply Rate Stabilization Reserve to $2,801,000. SECTION 13. The Gas Distribution Rate Stabilization Reserve is hereby increased by the sum of One Hundred Eighty Seven Thousand Two Hundred Eighty Five Dollars ($187,285) as described in Exhibit "Aft. This transaction will increase the Gas Distribution Rate Stabilization Reserve to $3,868,000. SECTION 14. The Water Rate Stabilization Reserve is hereby increased by the sum of One Hundred Fifty Two Thousand Sixty Five Dollars ($152,065) as described in Exhibit "AU. This transaction will increase the Water Rate Stabilization Reserve to $4,143,000. SECTION 15. The Refuse Fund Rate Stabilization Reserve is hereby increased by Thirty Seven Thousand Seven Hundred Thirty One Dollars ($37,731) as described in Exhibit "Au. This transaction will increase the Refuse Fund Rate Stabilization Reserve to $3,099,000. SECTION 16. The Wastewater Collection Rate Stabilization Reserve is hereby increased by Four Hundred Fifty Four Thousand Nine Hundred Seventy Three Dollars ($454,973) as described in Exhibit "A". This transaction Page 4 of 6 ,I will increase the Wastewater Collection Rate Stabilization Reserve to $4,293,000. SECTION 17. The Technology Fund, an internal service fund, Retained Earnings is hereby decreased by One Thousand Three Hundred Forty Nine Dollars ($1,349) as described in Exhibit "All. This transaction will decrease the Technology Fund Unrestricted Retained Earnings to $11,926,000. SECTION 18. The Vehicle Replacement/Maintenance Fund, an internal service fund, Retained Earnings is hereby increased by Twenty Seven thousand Five Hundred Forty Seven Dollars ($27,547) as described in Exhibit "All. This transaction will increase the Vehicle Replacement/Maintenance Fund Unrestricted Retained Earnings to $5,126,000. SECTION 19. The Capital Project Fund Infrastructure Reserve is hereby increased by Two Million Ninety Three Thousand Seven Hundred Forty One Dollars ($2,093,741) as described in Exhibit "All. This transaction will increase the Capital Project Fund Infrastructure Reserve to $20,687,000. SECTION 20. Adjustments to various Capital Improvement Projects are made as shown in Exhibit "HII. These changes have impact on the reserve balances and these impacts are included in Exhibit "All. SECTION 21. The Development Impact Fee Fund for Parks Fund Balance is hereby decreased by One Hundred Fifty Five Thousand Dollars ($155,000) as described in Exhibit "A". This transaction will decrease the Development Impact Fee for Parks Fund Balance to $921,364 . SECTION 22. Upon completion of the independent audit, detailed financial statements reflecting the changes made by the Sections 7 through 21 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 in accordance with generally accepted accounting principles. SECTION 23. As specified in Section 2.28.080 (a) of the Palo Alto Municipal Code, a two-thirds vote of the City Council is required to adopt this ordinance. Page 5 of 6 SECTION 24. The Council of the City of Palo Alto hereby finds that the enactment of this ordinance is not a project under the California Environmental Quality Act and, therefore, no environmental impact assessment is necessary. SECTION 25. As provided in Section 2.04.330 of the Palo Alto Municipal Code, this ordinance shall become effective upon adoption. INTRODUCED AND PASSED: January 22, 2007 AYES: NOES: ABSTENTIONS: ABSENT: APPROVED AS TO FORM: BARTON, BEECHAM, CORDELL, DREKMEIER, KISHIMOTO, KLEINBERG, MORTON, MOSSAR KLEIN APPROVED: Director 0 Services Page 6 of 6