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Home My WebLink About2006-01-17 Ordinance 4892ORDINANCE NO. 4892 ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO AUTHORIZING CLOSING OF THE BUDGET FOR FISCAL YEAR 2004-05 The Council of the City of Palo Al to 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 Ci ty of Palo Al to and as set forth in Section 2.28.070 of the Palo Alto Municipal Code, the Council on June 28, 2004 did adopt a budget for fiscal year 2004-05; and B. Fiscal year 2004-05 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", "GH 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 2004-05 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 2004-05 appropriations which on July I, 2005 were encumbered by properly executed, but uncompleted, purchase orders or contracts. 1 SECTION 3. The Council hereby approves adjustments to the fiscal year 2004-05 budget for Fund Balancing Entries as shown on attached Exhibit "A". SECTION 4. The Council hereby reappropriates fiscal year 2004-05 appropriations in certain departments and categories, as shown on the attached Exhibit liB", which were not encumbered by purchase order or contract, at year end into the fiscal year 2005-06 budget. SECTION 5. The fiscal year 2004-05 encumbered balances for the departments and categories shown on Exhibit "D" shall be carried forward and reappropriated to those same departments and categories in the fiscal year 2005-06 budget. SECTION 6. directed: The City Manager is authorized and A. To close the fiscal year 2004-05 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 2004-05 budget as adopted or amended by ordinance of the Council; and B. To close various completed Capital Improvement Projects as shown in Exhibit "C" and move the balances into the respective reserve funds indicated in Exhibits "E" and "Gil; and C. To establish reserves as shown in Exhibits "E", "F" and "Gil 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 2005-06 budget and continue, in effect, the unexpended balance of appropriations for fiscal year 2004-05 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 shown in Exhibit "E"; and 2 (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 "GH. 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 Eight Hundred Twenty-Six Thousand Five Hundred Dollars ($826,500), as shown in Exhibit "A", from the Stabilization Rate Reserves of the utilities Department Funds as follow: Utilities Fund Amount Electric Distribution $ 308,775 Electric Supply $ 308,775 Gas Distribution $ 104,475 Gas Supply $ 104,475 Total $ 826,500 The General Fund Equity Transfer Stabilization Reserve is increased to $3,165,500. SECTION 8. The General Fund Budget Stabilization Reserve is hereby decreased by the sum of Forty-Seven Thousand Seven Hundred Forty-Two Dollars ($47,742) as described in Exhibit "A". This transaction will increase the balance in the General Fund Budget Stabilization Reserve to $21,066,000. SECTION 9. The Electric Supply Rate Stabilization Reserve is hereby decreased by the sum of Three Hundred Eight Thousand Seven Hundred Seventy-Five Dollars 3 ($308 /775) I as described in Exhibit will reduce the balance in the Stabilization Reserve to $44 /199 /000. "All. This transaction Electric Supply Rate SECTION 10. The Electric Distribution Rate Stabilization Reserve is hereby decreased by the sum of One Hundred Ninety-One Thousand Two Hundred Ninety-Eight Dollars ($191,298) as described in Exhibit "An. This transaction will reduce the Electric Distribution Rate Stabilization Reserve to $13,519,000. SECTION 11. The Gas Supply Rate Stabilization Reserve is hereby decreased by the sum of One Hundred Four Thousand Four Hundred Seventy-Five Dollars ($104,475) as described in Exhibit "A". This transaction will decrease the Gas Supply Rate Stabilization Reserve to $3,821,000. SECTION 12. The Gas Distribution Rate Stabilization Reserve is hereby decreased by the sum of Eighty-Seven Thousand Forty Dollars ($87,040) as described in Exhibit "A". This transaction will decrease the Gas Distribution Rate Stabilization Reserve to $4,023,000. SECTION 13. The Water Rate Stabilization Reserve is hereby increased by the sum of Eight Thousand Six Hundred Ninety-Nine Dollars ($8,699) as described in Exhibit "A". This transaction will increase the Water Rate Stabilization Reserve to $5,217,000. SECTION 14. The Refuse Fund Rate Stabilization Reserve is hereby increased by Seven Thousand Three Dollars ($7,302) as described in Exhibit transaction will increase the Refuse Stabilization Reserve to $3,842,000. Hundred Two "A". This Fund Rate SECTION 15. The Wastewater Treatment Rate Stabilization Reserve is hereby increased by Five Thousand Two Hundred Fifteen Dollars ($5,215) as described in Exhibit "A". This transaction will increase the Wastewater Treatment Rate Stabilization Reserve to $1,882,000. SECTION 16. The Wastewater Collection Rate Stabilization Reserve is hereby increased by Four Thousand Six Hundred Fifty-Three Dollars ($4,653) as described in Exhibit "A". This transaction will increase the Wastewater Collection Rate Stabilization Reserve to $4,917,000. 4 SECTION 17. The Storm Drainage Rate Stabilization Reserve is hereby increased by Two Thousand One Hundred Thirty-One Dollars ($2,131) as described in Exhibit "A". This transaction will increase the Storm Drainage Rate Stabilization Reserve to $330,000. SECTION 18. The Technology Fund, an internal service fund, Retained Earnings is hereby decreased by Two Hundred Thirteen Thousand Three Hundred Seventy Dollars ($213,370) as described in Exhibit "A". This transaction will decrease the Technology Fund Unrestricted Retained Earnings to $7,752,000. SECTION 19. Adjustments to various Capital Improvement Projects are made as shown in Exhibit "H". These changes will have no impact on reserve balances. SECTION 20. The sum of Ninety-Eight Thousand Two Hundred Dollars ($98,200) is hereby transferred from the General Fund to the Community Development Block Grant (CDBG) Fund, a special revenue fund, as described in Exhibit "A". This transfer is necessary to cover a cash shortfall in the CDBG Fund that is due to a smaller than anticipated reimbursement from the federal government CDBG program for costs incurred in past years. SECTION 21. Adjustments to correct the mid-year transaction for COPS Funding are made by moving amounts from the General Fund to the Law Enforcement Services Fund, as shown in Exhibit "A". These changes will have no impact on reserve balances. SECTION 22. Upon completion of the independent audit, detailed financial statements reflecting the changes made by the Sections 7 through 17 of this ordinance, shall be published as part of the annual financial report of the City as required by Article III, Section 16, of the Charter of the City of Palo Alto and in accordance with generally accepted accounting principles. SECTION 23. As specified in Section 2.28.080 (a) of the Palo Alto Municipal Code, a two-thirds vote of the City Council is required to adopt this ordinance. SECTION 24. The Council of the City of Palo Alto hereby finds that the enactment of this ordinance is not a project under the California Environmental Quality Act and, therefore, no environmental impact assessment is necessary. 5 SECTION 25. As provided in Section 2.04.330 of the Palo Alto Municipal Code, this ordinance shall become effective upon adoption. INTRODUCED AND PASSED: January 17, 2006 AYES: BARTON, BEECHAM, CORDELL, DREKMEIER, KISHIMOTO, KLEIN, KLEINBERG, MORTON, MOSSAR NOES: ABSTENTIONS: ABSENT: ATTEST: APPROVED: APPROVED AS TO FORM: .;:51(" {f-$r; City Attorney Services 6