HomeMy WebLinkAbout2000-04-10 Ordinance 4628ORDINANCE NO. 4628
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
AMENDING THE BUDGET FOR THE FISCAL YEAR 1999-00 TO
PROVIDE AN ADDITIONAL APPROPRIATION OF $9,938,000 FOR THE
ACQUISITION OF CERTAIN REAL ESTATE PROPERTY OWNED BY THE
PALO ALTO MEDICAL FOUNDATION (PAMF) AND CORRESPONDING
REDUCTION OF INTEREST INCOME OF $125,000 IN THE GENERAL
FUNp·AND $27,000 IN THE COMMERCIAL HOUSING IN-LIEU FUND
WHEREAS, pursuant to the provisions of Section 12 of Article
III of the Charter of the City of Palo Alto, the Council on June 28,
1999 did adopt a budget for fiscal year 1999-00; and
WHEREAS, the City of Palo Alto intends to purchase certain
real property owned by the Palo Alto Medical Foundation for a park,
and below market housing, respectivelYI and to purchase the historic
Roth building for public purposes; and
WHEREAS, the total cost of acquisition and related costs is
estimated to be $9,938 /000. Staff has recommended withdrawing
$6,929 /155 from the General Fund Budget Stabilization Reserve and
$3 /008,845 from the Commercial Housing In-Lieu Fund Reserve; and
WHEREAS 1 the withdrawal of $9 /938 /000 from the reserves will
reduce the 1999 00 interest income by approximately $125,000 in the
General Fund, and $27 /000 in the Commercial Housing In-Lieu Fund and
will reduce future interest income to those funds in unknown
amounts; and
WHEREAS, City Council authorization is needed to amend the
1999-00 budget as hereinafter set forth.
NOW, THEREFORE 1 the Council of the City of Palo Alto does
ORDAIN as follows:
SECTION]. The sum of Six Million Nine Hundred Seventeen
Thousand One Hundred Fifty Five Dollars ($6 /917,155) is hereby
appropriated to the non-salary category in the General Fund and the
General Fund Budget Stabilization Reserve is correspondingly
reduced.
SECTION 2. The sum of Twelve Thousand Dollars ($12 /000) is
hereby appropriated to the non-salary expenses in the Property
Management Functional Area in the Administrative Services Department
to fund the existing residential lease agreement that PAMF holds
within the identified property area. The General Fund Budget
Stabilization Reserve is correspondingly reduced.
SECTION 3. Interest income revenue in the General Fund is
reduced by $125 /000.
SECTION 4. The transactions approved in Section I, 2 and 3
will reduce the General Fund Budget Stabilization Reserve from
$20 1 409,908 to $13,355 /753.
, ,
SECTION 5. The sum of Three Million Eight Thousand Eight
Hundred Forty Five Dollars ($3,008,845) is hereby appropriated to
the non-salary category in the Commercial Housing In-Lieu Fund, and
the Commercial Housing In-Lieu Fund Reserve is correspondingly
reduced.
SECTION 6. Interest income revenue in the Commercial Housing
In-Lieu Fund is reduced by $27,000.
SECTION 7. The transactions approved in Section 4 and 5 will
reduce the Commercial Housing In-Lieu Fund Reserve from $3,090,734
to $54,889.
SECTION 8. 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 9. The City certified one Environmental Impact Report
(EIR) for the South of Forest Avenue Coordinated Area Plan Phase I,
on March 27,2000. The EIR analyzed potential impact of the projects
that will be funded by this budget amendment.
SECTION 10. As provided in Section 2.04.350 of the Palo Alto
Municipal Code, this ordinance shall become effective upon adoption.
INTRODUCED AND PASSED: April 10, 2000
AYES: BEECHAM, BURCH, EAKINS, KLEINBERG, KNISS, LYTLE/ MOSSAR
NOES:
ABSTENTIONS:
NOT PARTICIPATING: OJAKIAN
ABSENT: FAZZINO
ATTEST:
.~~,~~ City Clerk .
APPROVED AS TO FORM:
~~ .. tJ, C-4-~
Senior Asst. City Attorney
THIS ~~,<?UMENT IS CERTIFIED TO BE AN O~D~~.~d:,CE DULY PASSED BY THE COUNCIL 0. T.-:.-( 11')' OF PALO ALTO AND
r~l.~:?':: ... ';·i:R POSTED IN TH:COUNCIL Crl" ".,r~f:i ON _~:r:--JI-e.Q
DAY;:; \.h ITS PASSAGE) (WITHIN '·5
"I ., CCrti.y (or deCI'.1re) under penalty
of PC<j:!;5' that the foregOing is true
and correct."
.;fj:u/M ¢~ f1.LtA
Data 8. Place; f
APPROVED:
Director
Services
Administrative