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Home My WebLink About2004-01-12 Ordinance 4816ORDINANCE NO. 4816 ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO AUTHORIZING CLOSING OF THE BUDGET FOR FISCAL YEAR 2002-03 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 prOV1Sl0ns 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 17, 2002 did adopt a budget for fiscal year 2002-03; and B. Fiscal year 2002-03 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 "Eli and "F" and "Gil 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 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 functional areas major activities, and objects within various departments as authorized by the City Manager. E. Fiscal year 2002-03 appropriations which on July 1, 2003 were encumbered by properly executed, but uncompleted, purchase orders or contracts. SECTION 3. The Council finds that adjustments to the fiscal year 2002-03 budget for Fund Balancing Entries as shown on attached Exhibit "An, which impact reserve balances are hereby approved. 1 SECTION 4. The Council finds that fiscal year 2002-03 appropriations in certain departments and categories, as shown on the attached Exhibit "B", while not encumbered by purchase order or contract, at year end are hereby reappropriated in the fiscal year 2003-04 budget. SECTION 5. The fiscal year 2002-03 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 2003-04 budget. SECTION 6. The City Manager is authorized and directed: A. To close the fiscal year 2002-03 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 2002- 03 budget as adopted or amended by ordinance of the Council; and B. To close various completed Capital Improvement Projects as shown in Exhibit "Cit and move the balances into the respective reserve funds indicated in Exhibit "0", and C. To establish reserves as shown in Exhibits "E", "Fit and "Gil for all Funds as necessary to provide for: (l) 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 2002-03 departmental expenditures; and (2) Reserves for Advances to Other Funds and for Stores Inventory in accordance with ordinance and policy guidelines; 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. O. 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. 2 SECTION 7. The sum of Four Thousand Five Hundred Eighty Four Dollars ($4,584) 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 $53,552. SECTION 8. The sum of Fifty Thousand Four Hundred Twenty Two Dollars ($50,422) 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 $3,130. SECTION 9. The sum of One Hundred One Thousand Three Hundred Forty Two Dollars ($101,342) is hereby transferred from Redevelopment Agency Fund to the General Fund Budget Stabilization Reserve as described in Exhibit "A". This transaction creates a liability of $101, 342 on the Redevelopment Agency Fund to the General Fund Budget Stabilization Reserve. SECTION 10. The sum of Twenty Thousand Two Hundred Forty Two Dollars ($20,242) is hereby transferred from the Housing In- Lieu Reserve Fund to the Community Services Support Functional Area of the City Attorney's Office as operating revenue as described in Exhibit "A". The balance of the Housing In-Lieu Reserve Fund is reduced to $4,272,265. SECTION 11. The sum of Eighty Seven Thousand Eight Hundred Twenty Five Dollars ($87,825) is hereby transferred from Residential Housing In-Lieu Reserve Fund to the Below Market Rate Emergency Reserve Fund as described in Exhibit "A". This transaction will decrease in the balance of the Residential Housing In-Lieu Reserve Fund to $4,184,440 and create the initial balance of the Below Market Rate Emergency Reserve Fund of $87,825. SECTION 12. The General Fund Equity Transfer Stabilization Reserve will be funded by the sum of Seven Hundred Seventy Nine Thousand Dollars ($779,OOO) from the Stabilization Rate Reserves of the Utilities Department Funds as follow: Utilities Fund Amount Electric Distribution $ 291,000 Electric Supply $291,000 Gas Distribution $ 98,500 Gas Supply $ 98,500 Total $ 779,000 3 The General Fund Equity Transfer Stabilization Reserve is increased to $1,535,000. SECTION 13. The General Fund Budget Stabilization Reserve is hereby increased by the sum of One Hundred Sixty Seven Thousand Four Hundred Twenty Two Dollars ($167,422) as described in Exhibit "A". This transaction will increase the balance in the General Fund Budget Stabilization Reserve to $21,490,285. SECTION 14. The Electric Supply Rate Stabilization Reserve is hereby reduced by the sum of Five Hundred Ninety One Thousand Dollars ($591,000), as described in Exhibit "A". This transaction will reduce the balance in the Electric Supply Rate Stabilization Reserve to $30,515,017. SECTION 15. The Electric Distribution Rate Stabilization Reserve is hereby increased by the sum of Nine" Thousand Dollars ($9,000) as described in Exhibit "A". This transaction will increase the Electric Distribution Rate Stabilization Reserve to $5,738,745. SECTION 16. The Gas Supply Rate Stabilization Reserve is hereby decreased by the sum of Four Hundred Ninety Eight Thousand Five Hundred Dollars ($498,500) as described in Exhibit "A". This transaction will decrease the Gas Supply Rate Stabilization Reserve to $3,847,350. SECTION 17. The Gas Distribution Rate Stabilization Reserve is hereby decreased by the sum of Ninety Eight Thousand Five Hundred Dollars ($98,500) 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 $5,031,667. SECTION 18. The Vehicle Replacement and Maintenance Fund Retained Earnings is hereby decreased by One Million One Hundred Fifty Thousand Dollars ($1,150,000) as described in Exhibit "A". This transaction will decrease the Vehicle Replacement and Maintenance Fund Unrestricted Retained Earnings to $2,245,000. SECTION 19. The Terman School Lease Fund is hereby terminated and closed. Revenue and the fund balance is each reduced by the sum of Forty Seven Thousand Nine Hundred Twenty Nine Dollars ($47,929) as described in Exhibit "A". This transaction will close the Terman School Lease Fund. SECTION 20. rrhe Offstreet Parking 1977 Fund is hereby terminated and closed. Revenue and expense is each reduced by the sum of Seventy Two Thousand Thirty Dollars ($72,030) as described in Exhibit "A". This transaction will close the Offstreet Parking 1977 Fund. 4 SECTION 21. The Offstreet Parking 1989 Fund is hereby terminated and closed. Revenue and expense is each reduced by the sum of Six Hundred Sixty Seven Thousand One Hundred Ninety Dollars ($667,190) as described in Exhibit "A". This transaction will close the Offstreet Parking 1989 Fund. 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. 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 2.04.350 of the Palo Alto Municipal Code, this ordinance shall become effective upon adoption. INTRODUCED AND PASSED: January 20, 2004 AYES: BEECHAM, BURCH, CORDELL, FREEMAN, KISHIMOTO, KLEINBERG, MORTON, MOSSAR, OJAKIAN NOES: ABSTENTIONS: ABSENT: APPROVED AS TO FORM: ~·~kk Senior Asst. City Attorney 5 A~ Mayor City Manager Director Services Administrative