The URL can be used to link to this page

Home My WebLink About1996-04-18 City Council (27)of Palo Alto City Manager’s Report TO:HONORABLE CITY COUNCIL FROM:CITY MANAGER DEPARTMENT: ADMINISTRATIVE SERVICES AGENDA DATE: APRIL 18, 1996 CMR:229:96 SUBJECT:REVISED BUDGET AMENDMENT ORDINANCE FOR 1995-96 MIDYEAR FINANCIAL SUMMARY REQUEST This report transmits a corrected Budget Amendment Ordinance for the 1995-96 Midyear Financial Summary. RECOMMENDATIONS Staff recommends the City Council adopt the attached revised Budget Ordinance, which reflects midyear adjustments to the 1995-96 budget. Amendment POLICY IMPLICATIONS Adoption of the revised Budget Amendment Ordinance does not reflect a change to existing policies. EXECUTIVE SUMMARY This report transmits a revised Budget Amendment Ordinance for the 1995-96 Midyear Financial Summary. The revised Budget Amendment Ordinance correctly reflects an addition to the General Fund Budget Stabilization Reserve of $2.1 million. The Midyear Financial Report reviewed by the Finance Committee understated the addition to the Budget Stabilization Reserve by $530,000, due to a technical error on Attachment A of the Budget Amendment Ordinance. CMR:229:96 Page 1 of 2 FISCAL IMPACT Adoption of the attached revised ordinance will allow for certain adjustments to the fiscal year 1995-96 budget passed on update projections which have been reviewed by the Finance Committee. ENVIRONMENTAL ASSESSMENT Adjustments to the fiscal year budget is not a project Environmental Quality Act. for purposes of the California ATTACHMENTS Budget Amendment Ordinance PREPARED BY: Virginia Harrington, Budget Manager DEPARTMENT HEAD APPROVAL: CITY MANAGER APPROVAL: Harrison Deputy City Manager, Administrative Services CC: n/a CMR:229:96 Page 2 of 2 ORDINANCE NO. ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO AMENDING THE BUDGET FOR THE FISCAL YEAR 1995-96 TO ADJUST BUDGETED REVENUES AND EXPENDITURES IN ACCORDANCE WITH THE RECOMMENDATIONS IN THE MIDYEAR REPORT WHEREAS, pursuant to the provisions of Section 12 of Article III of the Charter of the City of Palo Alto, the Council on June 19, 1995 did adopt a budget for fiscal year 1995-96; and WHEREAS, after reviewing the current budgeted revenues and expenditures for fiscal year 1995-96, adjustments to the budget are recommended to more accurately reflect year-end projections; and NOW, THEREFORE, the Council of the City of Palo Alto does ORDAIN as fol!ows: S.ECTION i. The sum of Two Million Eighty Three Thousand Four Hundred Eighty Five Dollars ($2,083,485) is hereby added to the Budget Stabilization Reserve (BSR) in the General Fund to reflect all revenue and expenditure changes as described in Exhibit ~A", which is attached to this ordinance and incorporated herein by this reference. As a result of these changes, the BSR will increase from $13,420,700 to $15,504,185 as of February 29,1996. SECTION 2. The sum of Two Hundred Sixty Five Thousand Dollars ($265,000) is hereby reduced from the Streets and Sidewalks Reserve in the General Fund to reflect revenue change as displayed in Exhibit ~A". As a result of this change, the Streets and Sidewalks Reserve will decrease from $706,234 to $441,234 as of February 29,1996. SECTION 3. The sum of One Hundred Thousand Dollars ($i00,000) is hereby added to the budgeted revenue in the Street Improvement Fund as a result of increased gas tax monies from the State, and the fund balance is correspondingly increased as described in Exhibit SECTIQN 4. The budgeted Operating Transfers In in the Debt Service Fund are hereby reduced by the sum of Two Hundred Ninety Thousand Dollars ($290,000), and the fund balance is correspondingly reduced. SECTION 5. The sum of Five Hundred Sixty Thousand Dollars ($560,000) is hereby deleted from the budgeted Employee Benefits revenue account, and the budgeted Retirement expense account is correspondingly reduced. SECTION 6. The sum of Seven Million Fifty Thousand Dollars ($7,050,000)is hereby added to the budgeted Rate Stabilization Reserve in the Electric Fund to reflect all changes as described in Exhibit ~"B, attached hereto and incorporated herein by reference. SECTION 7. The sum of One Million Three Hundred Forty Seven Thousand Dollars ($1,347,000) is hereby added to the budgeted Rate Stabilization Reserve in the Gas Fund to reflect all changes as described in Exhibit "B". SECTION 8. The sum of Nine Hundred Five Thousand Dollars ($905,000) is hereby deleted from the budgeted Rate Stabilization Reserve in the Refuse Fund to reflect all changes as described in Exhibit ~B". SECTION 9. The sum of Five Hundred Thirty Two Thousand Dollars ($532,000) is hereby added to the budgeted Rate Stabilization Reserve in the Wastewater Collection Fund to reflect all changes as described in Exhibit "B". SECTION i0. The sum of Two Hundred Twenty TWo Thousand Dollars ($222,000) is hereby deleted from the budgeted Rate Stabilization Reserve in the Water Fund to reflect all changes as described in Exhibit ~B". SECTION i!. 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 12. The Council of the City of Pa!o 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 13. As provided in Section 2.04.350 of the Palo Alto Municipal Code, this ordinance shall become effective upon adoption. INTRODUCED AND PASSED: AYES: NOES: ABSTENTIONS: ABSENT: ATTEST:APPROVED: City Clerk Mayor APPROVED AS TO FORM:City Manager Senior Asst. City Attorney Deputy City Manager, Administrative Services Department EXHIBIT A 1995-1996 Midyear Adjustments General Fund, Special Revenue Fund and Internal Service Fund Activity ....Description .....Debit Credit" Code G__eneral Fund Revenue 02000000 02513250 02000000 02000000 02000000 02000000 02000000 02000000 03000000 Expenditures 00275550 ;02513250 02818410 02511111 ,02000000 02818424 ~02818394 Changein Rese~e 02000000 03000000 Object Code 1180 Documentary Transfer Tax 1925 Electric Line Clearing 1183 !Motor Vehicle in Lieu Tax 1203 ~ Parking Violation 1124 !Property Tax 1181 iSales Tax 1188 !Sales Tax - County 1185 !Transient Occupancy Tax 1187 Utility Users Tax - Telephone 3813 3126 3003 3127 4031 3001 3001 Total General Fund Revenue Bad Debt- Paramedic Electric Line Clearing Hourly Salary -"The Outlet" Program !Maintenance Contract iOperating Transfers-out Salary Adjustment iSalary Adjustment Total General Fund Expenditures 121,000, 13,000 265,000 80,000 75,000 95,000 71,000 1,601,000 208,0001 399,000 38,000 75,000 20,000 19,515 25,000 25,000 2,130,000 290,000 202,515 $290,000 2,083,485 265,000 + + + + + + + + + + + EXHIBIT A 1995-1996 Midyear Adjustments General Fund, Special Revenue Fund and Internal Service Fund Activity Object Description Debit Credit Code Code SPECIAL REVENUE FUND iStreetlmprovement Fund ’31000000 1521 31000000 3850 Debt Sewice Fund 52000000 2011 52000000 3850 INTERNAL SERVICE FUND GeneralBenefits 87000000 1891 87000000 3015 Gas Tax Changein Fund Balance Operating Transfers-in Change in Fund Balance Employee Benefits- Department Charges Retirement- City Share 100,000 290,000 560,000 100,000 290,000 560,000 ÷ ÷ EXHIBIT B 1995-96 Midyear Adjustments Enterprise Funds Activity Objecl Descriptions Debit CreditCodeCode ElectriC Fund 123 000000 1601 i23 250220 3001 23 250220 3004 23 230160 3315 23 230160 3611 23 250220 3925 23 250790/8915 3879 Changein Reserve 23 000000 Gas Fund 24 000000 24 000000 24 000000 1711 24 000000 1712 24 000000 1713 24 000000 1714 24 000000 1715 24 230160 3604 24 230160 3607 24 250780/8017 3879 24 250790/8915 3879 Changein ReservA 24 000000 3804 Refuse Fund 25 000000 ~25 000000 25 000000 25 000000 25 000000 25 000000 Changein Rese~e ~25 000000 ’Interest Income Regular Salaries Overtime Salaries Joint-Agency Debt Service Electric Purchases Electric Line Clearing Arastradero Access Road Project 95,000 700,000 100,000 262,000 75,000 8,277,000 5,000 3804 Changeto RSR Total Electric Fund 1402 Connection Charges 1601 Interest Income 7,050,000, 8,282,000 8,282,000 70,000 195,000 1601 1711 1712; 1713, Sales - Single Family Residential Sales - Multy Family Residential Sales - Commercial Sales - Industrial Sales - Public Facilities Gas Commodity Purchases Gas Transmission Gas Systems Extensions Arastradero Access Road Project Change tO RSR Total Gas Fund Interest Income Residential - Single Family Residential - Multi family Commercial 1714!Industrial Research 17151 Pubic Facilities 3804 Changeto RSR ~Total Refuse Fund 526,763 164,325 359,365 368,460 81,087 70,000 1,347,000 2,917,000 2,551,300, 95,700 5,000 2,917,000 220,400 134,700 71,000 489,3O0 84,6O0 95,000 905,000 1,000,000 1,000,000, + + + + 4- ÷ 4- 4- EXHIBIT B 1995-96 Midyear Adjustments Enterprise Funds Activity Object Code Code _WW Collection Fund 27 000000 1601 27 000000 1752 27 250290 3199 27 250790/8915 3879 Changen Reserve 27 000000 Water Fund Descriptions Interest Income Groundwater Discharge Fee Contract Services Arastradero Access Road Project 22 000000 22 000000 22 230160 22 250780/8013 22 250780/8015 22 250790/8915 3804 Changeto RSR iTotal WVV Collection Fund Debit 532,000 Credit 170,000 300,000 57,000 5,000 532,000 1402 Connection Charges 1601 Interest Income 3602 Water Purchases 3879 IWater System Extensions 3879 !Water Meters 75,000 152,000 15,000 40,000 55,000 Changein Reserve 22 000000 3879 Arastradero Access Road Project 3804 Change to RSR ’Total Water Fund Total Enterprise Funds 282,000 13,013,000 5,000 222,000 282,000 13,013,000 ÷ 4-