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Home My WebLink About2005-01-18 Ordinance 4861" ' ORDINANCE NO. 4861 ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO AUTHORIZING CLOSING OF THE BUDGET FOR FISCAL YEAR 2003-04 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 16, 2003 did adopt a budget for fiscal year 2003-04; and B. Fiscal year 2003 04 has ended and the financial results, although subject to post-audit adjustment, are now available and are herewith reported in summarized financial Exhibits "A" and "B" and "C" and "D" and \\E" and \\F" and \\G" 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 2003-04 did amend the budgetary accounts of the City of Palo Alto to re ect: A. Additional appropriations authorized by ordinance of the City Council. B. Amendments to emp1oye_e 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 functional areas major activities, and objects within various departments as authorized by the City Manager. E. Fiscal year 2003 04 appropriations which on July 1, 1 'j 2004 were encumbered by properly executed, but uncompleted, purchase orders or contracts. SECTION 3. The Council hereby approves adjustments to the fiscal year 2003-04 budget for Fund Balancing Entries as shown on attached Exhibit "A SECTION 4. The Council hereby reappropriates fiscal year 2003-04 appropriations in certain departments and categories, as shown on the attached Exhibit "BII, while not encumbered by purchase order or contract, at year end in the fiscal year 2004-05 budget. SECTION 5. The fiscal year 2003-04 encumbered balances for the departments and categories shown on Exhibit "DII shall be carried forward and reappropriated to those same departments and categories in the fiscal year 2004-05 budget. SECTION directed: The City Manager is authorized and A. To close the fiscal year 2003 04 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 2003-04 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 Exhibit "D"j 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 and continue in effect the unexpended balance of appropriations for fiscal year 2003 04 departmental expendituresj and (2) Reserves for Advances to Other Funds and for Stores Inventory in accordance wi th ordinance and policy guidelinesj and (3) A reserve for general contingencies of such 2 " (4) amount that the City Council has approved; and Reserves for utilities plant rate stabilization, and other accordance with Charter guidelines. replacement, reserves in and policy D. To fund the Budget Stabilization and 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 sum of One Thousand Seven Hundred Fifty-One Dollars ($1,751) is hereby transferred from the Youth Services Functional Area for the Police Department to the Special Revenue Local Law Enforcement Block Grant Fund as operating revenue as described in Exhibit A. The balance of the Local Law Enforcement Block Grant Fund is increased to $103,261. SECTION 8. The sum of Nineteen Thousand Two Hundred Sixty-One Dollars ($19,261) is hereby transferred from the Special Revenue Local Law Enforcement Block Grant Fund (LLEBG) to the Recreation Services Functional Area for the Community Services Department as operating revenue as described in Exhibit "A". The balance in the Local Law Enforcement Block Grant Fund (LLEBG) is reduced to $84,000. 3 SECTION The General Fund Equity Transfer Stabilization Reserve is hereby increased by the sum of Eight Hundred Three Thousand Dollars ($803/000) from the Stabilization Rate Reserves of the Utilities Department Funds as follow: t:J'ti~~l~l-.s FUnd, c~'9Ji( ..... Electric Distribution $ 300/000 Electric Supply $ 300/000 Gas Distribution $ 101/500 Gas Supply $ 101/500 Total $ 803,000 The General Fund Equity Transfer Stabilization Reserve is increased to $2/338/000. SECTION 10. The General Fund Budget Stabilization Reserve is hereby increased by the sum of Three Million Twenty-Nine Thousand Ten Dollars ($3/029/ 010) as described in Exhibit "All. This transaction will increase the balance in the General Fund Budget Stabilization Reserve to $21/428/478. SECTION 11. The Electric Supply Rate Stabilization Reserve is hereby decreased by the' sum of Three Hundred Thousand Dollars ($300/000), as described in Exhibit "A'/. This transaction will reduce the balance in the Electric Supply Rate Stabilization Reserve to $58,562,000. SECTION 12. The Electric Distribution Rate Stabilization Reserve is hereby decreased by the sum of Two Million Three Hundred Thousand Dollars ($2,300,000) as described in Exhibit "A". This transaction will reduce the Electric Distribution Rate Stabilization Reserve to $7,557,000. SECTION 13. The Electric Public Benefit Reserve is hereby increased by the sum of Two Dollars ($2,000,000) as described in Exhibit "A". transaction will increase the Electric Public Program Reserve to $2,082,000. 4 Program Million This Benefit SECTION 14. The Gas Supply Rate Stabilization Reserve is hereby decreased by the sum of Five Hundred One Thousand Five Hundred Dollars ($501,500) as described in Exhibit "A". This transaction will decrease the Gas Supply Rate Stabilization Reserve to $6,822,000. SECTION 15. The Gas Distribution Rate Stabilization Reserve is hereby decreased by the sum of One Hundred One Thousand Five Hundred Dollars ($101,500) to fund the General Fund Equity Transfer Stabilization Reserve as described in Exhibit "A". This transaction will decrease the Gas Distribution Rate Stabilization Reserve to $6,703,000. SECTION 16. The Refuse Fund Rate Stabilization Reserve is hereby increased by One Million Two Hundred Seventy-Five Thousand Dollars ($1,275,000) as described in Exhibit "A". This transaction will increase the Refuse Fund Rate Stabilization Reserve to $6,135,000. SECTION 17. The Technology Fund Retained Earnings is hereby decreased by Twenty Thousand Five Hundred Thirty Dollars ($20,530) as described in Exhibit "A". This transaction will decrease the Technology Fund Unrestricted Retained Earnings to $5,566,000. SECTION 18. Upon completion of the independent audit, detailed financial statements reflecting the changes made by the Sections 7 through 17 of this ordinance, shall be publ,ished 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 19. 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 20. 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 21. As provided in Section 2.04.330 of the Palo Alto Municipal Code, this ordinance shall become effective upon adoption. 5 INTRODUCED AND PASSED: January 18, 2005 AYES: BEECHAM, BURCH, CORDELL, FREEMAN, KISHIMOTO, KLEINBERG, MORTON, MOSSAR, OJAKIAN NOES: ABSTENTIONS: ABSENT: ATTEST: APPROVED AS TO FORM: City Attorney~SG. ~) 6 APPROVED: Mayor ~ Director Services