HomeMy WebLinkAbout0542.000~sta
October 25, 1990
THE HONORABLE Clrv COUNCXL
Palo Alto, California
-I .. ~
/
Attention: Finance and Public w~rk. Committe •
• 'pert in Irier
3
'The following report provi.:!es the Council with II. aummary of the
City~. financial activity and results of operations for fiscal y~ar
1989-90. An analysi8 format of budqet-to-actual variances is u.~d
to help explain siqnlf1cant deviations from projected revenues and
expenditmes in the Ceneral and Enterprise Funois. Staff recOlIllOends
that Council adopt the .t~.cb.d ordinance officially closing the
1989-90 Buclqat.
oynyin
Initially projected to exceed the 1989-90 adopted ~get by $1.7
a1111on, General Fund Revenues surpassed the adjusted projection by
$.' al1110n. Non-recurring aale. and edjustmenta inereaaed .ales
tax collected.. and an increased volUl'lla: in plannIng reviews,
bulldih9 peralta, and plan checks a150 generated a significantly
favorable revenue variance. The Ceneral Fund was able to enhanc2
th ••• incr.ased r&venues with Boderate expenditure .avings. The
unfavorabl. variance In aalari£ •• nd ~enefits was otf •• t by savings
1ft all categories cf non-salary expenditures. Tighter acro5s-the
board budgeting in all departments yielded smaller variances than
bad been experienced 1n prior tiscal year., as department. tully
expended their ope~.t1ng budgets.
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After prov1din9 ror an 1nc ...... to tho .... rva for ~n.rol
contlngoncl .. of $2 .l111on (approved by Council 00 part of th.
X1d-Y .. r Financ1a1 "port), and _11 odjustaont. 1n othor Genoral
FuM ro •• rvoo, St.l 3IUlion r ... 1na to be tranoforrod to the
......... for c:.opital Projocta.
!'bo adju.tod _get ror 1919-'0 callod tor tran_faro of $&.2
.1111on to the CZP fww! ror Str •• toond Bido .. alt projoct. and
.chool .1 t. 1.... pl.ya6nta, •• 1ntenanc. and uprov8llent.4
fl,D50,OOO of thl. fWlding _. providod fro. tho " .. rYo tor
street_ and Ud .. _lIto, baving an (unappropriatod) ro .. rv. balance
of "67,000. .
Intorpr1oo Fund rovenu •• ca.o 1n o11gbt1y bigher than budgeted; no
81nglo fww! experianced a algnificant deviation trOD ravonue
forecaata. !'be Entarpr 1 •• FUnd •••• whole netted •• vi~. 1n every
oxpenc:l1ture category. _0 of th ... uv1ngB "ore attr1buubh to
ouppl1 .. and .. torial aav1n<Jo d". to the contin>ling clro"gbt. Atter
tww!1n9 "'pital oxpenditures, all Entorpri .. FUnds oxcept the
btu •• F\md transfarred net rav.nu .. over .zpendi tur_ to r ••• rv ••.
As tho annual audit of 1'119-90 tun.action. b otUl undorway •
..aunto abown bero (1n thou.and. of dollaro) and 1n the tol10 .. 1n9
dt.cu..lon aro oubject to adj".taant by the extoTnal auditor ••
OIR,542 , 0 z
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PCI11T1l QIlUn;.~ FIl'IANaAI.. SlJM)(f.ll.Y
CIENEMI. FlJND
GENEML fIlND llVEN1JE lIND EXnND!T\lU SlJM)(UY
( .. -. <II doIlon)
%at Z;~ lim Jg 1222
v.,;... y., F.odod
M,juoIed ........ F'-• 6130119
I1I!\aI ...&!ill Il5lI& tup,f'svp< ) ...I>iIliiI.. -T-=
~-',440 1,s12 on E,U" --1l.6$O "."1 337 12.400
llIiIiIy ...... 5,.os 4.132 (513) 5,Olg
~-... ',001 3.000 J3 2.913
0IIIer_ 2,169 10m ~111 2.S14 I'iooo"_ .lJ!i!! ..Lm ..w -LID
TooaJ T .... " I'iooo 31~.t3ll )3.104 (321) 31,IlS
Piro-,.--,. Ooaa._ 3,001 l,Ol9 21 !.211 F __ ~
662 w (115) 462 ......... ,..,.... 4,911 5.612 101 5.014 -........ I.POO 1.!11 ~IJ 1.8)6 AIIoooIod_ 1),001 l),J" 139 ]:1."12
Odoot_ ..LW ..un Ql) -ill
TooaJ_ Sl,m $9,203 176 54.197
PI .. _· .. Reow·
!moW ""'" priG< 'P ..LID -59.'" $9,203
Eqoea"ftrw: 101."_ " •• 59 31.623 3S (499) 3S.66) eo......._ 1,)50 5.052 1.114 164 4.tl" SoppIia.-' 2,Ml 2,336 195 III 2.072
-&peIt(I) ),547 ).)90 Tl 10 5.926
-.~ S37 no , 4 543 '-"Eoprip. 910 "~ m 12 708
AlIoeatod aw..,. 10,156 1(l.7lI 121 )D,W
O:wli I 146 42 104
I.itiptioD W' .l.IZll -63,147 61.211 1,125 104 61,190 _01 __
~ ........ (),lI3) (1,015) a !,26. (6,99)
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0pnIi0as 'I'IoMfen ill: -,-.Fod. __
SpociaIllioL Plod c.,.,-........
&aT psiwFa.d
Odoer
TOfII Op. TnDo. ..
Op.n-r..._ Dok __
(lop.'-.-
NtlOp.T_ ...
_ot .... ...,
... r... IOQrWI O¥W
(aC) , 5 wa _fia._
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....... kIf ...
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POmTH QUUTElt flN..\NCAL S1JMNAJty
GENIlML I'\1NI)
GENEaAL I'\1NI) REVEN1Ji Am) EXPENDI'tVRE StJ),fMAA Y
( .. _ot_)
%.1 ~ ~lI8:J:g IS
~ ...
1$
51
J64
140
'4,505
--311
15.09S
m
.J..IZI
aO,JSO
4.905
SOl
(139)
2.000
1,662
..&l1:lI
14
51
27)
140
14.471
--W
IS.II'
m
.!.IIIU
.,m
5,140
3.1lS
1.'1),
(1.050)
2.000
:7"
0")
415
3.125
Von-.
bopp.a F....abIe
~ lUpftvsr )
61
0
(!II)
0
(l4)
.J2
:u
0
ill
171
"'
1.463
1.238
(211)
0
17.
(153)
415
1,"6'
..
y .... -6J30119
...AmiL
,
.9 m
2,500
14,100
-B
17,039
1.003
Lm .. ..,.
12,$<11
S.548
3.m
(211)
(I.DOO)
263
3S7
S26
.uz!
5,541
(I) 1_ 0-.: Eo_IocI_,.,...... IoPAUSl); IH9-90PAUSD .. _ ...... ,.. ill die ClP.
(2) ....... SI.2211i11Km '""" -... ... _lOll SidewoIb.
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.. p.rll hAG ''''U' IDd Dp.D.dl,\ur. 'Jm'"
.. fUUU
Adiustad 'uda't,
$7.440
Aetyal
$7,512
yariAnce
$72
JI~ .... l property tax revenuee in 19n-90 .ho ..... d • 1 percent incre .. e
aver adjusted projections, and a 9.1 perc.nt 1ncrea •• over 1988-89
actual.. Secured pra,perty tIX •• experIenced a 9~6 percent growth
rat. ~ye 19a8-8~ while un.lI'curecS property tax.. .f.ncra •• ed 6. 1
percent. The 9Towth in e.cured property tax.. 10 infl uenced by
.. veral r.ctora including turnover of property, valu& of neW'
conatruction and: appreciation at tillle of .. al.. Revenue trom
una.cured property flu.ctuat •• accor41nq to economic conditions:
property depreciates vhil. new property i. put into .ervice.
8&l.. ~
Adiusted ,llOg,t
$13.650
Actual
$1l,-U7
Variance
$337
Rev.nue trom •• 1 •• tax tor the year vas qr.ater than anticipated:
actual receipts of $14 !lillion are 12.7 parcent greater than 1n
1988-89. The original 1989-90 budget •• timate va. $12.5 million.
Thi8 figure va. deterJlined during the budget process before tho
1188-89 actual revenue w.re ac:....::OW'It.d ror. Actual sales tax
revenuas ror 19&8-8' were gTeatar than projected, resulting in an
increased basa fer 1989-90 projection.. At midyear, the budget was
adjusted to $13.65 BillIon, .. ]0 percent increase over the prevIous
year. JI<:tual receipt. In 1989-,0 vere 2.5 percent great .. r than U.e
aId-year projection.
The large.t dollar increa.. 1n a.1R8 tax revenue occurred in the
buainel. to .business category, r.tlectinq a growth rate ot 2'.6
percent over 1'88. Increases by business clasaification vera in
electronic equipment. light indu8try. and office equipment
bu.ine •••• ~ The only decrease va. in heavy industry. Crowth in
the ~.ine •• to business category appear. to be due to an overall
incr .... in bu .. in ... " .~ivity. Tho lArge increase in light
industry vaa the resl.11t of • one-tilDe aale of text books by a
pul>lhhing company. This .. le accounted fer epprox1lDately 44
percent. of t.he '904,000 1ncraase in the buein... to business
cl ... 1Ucat!on and 18 not expe~ad to be repeated in 1990.
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Con.uaer retail vr.v at a rate of 7.4 percent fr~ 1'81 to 1'89.
,_ product. .,,11 tr"n.portaUon Increa.ed 6." percent .nd 5.9
perc.,.t .... pectiv.ly. The lllr<Jeat dollar Inc ...... In transporta
tion Val In tile .. ev car category anll "ao du. prbarily to an
adj ... t.ent by til_ State Board of EquaUuUon to rectify prior
period .l.r.portin;.
A,41u.tlld luslqst
$2,'"
Aetual
$2,412
Yari,nsc
($381)
oth ... tax .. includ. the lOOt or VehIcle 11een.. In Heu fee,
cigarette tax, and docuaentary transfer t.x. Actual r.c.lpt. for
.otar v~lcle te.. ....r. '4.5 percent of adju8ted budget:
$1,"3,000 compared to an adjuatad budget ot $2,109,000. Thl. i.
an 1ncrea.. of 2." percent over 1 5111-8 9 revenue... DocwIIentary
tr..,.ier tax rev.nue. decrea.ed fro. $352,000 In 1988-89 to
$2",000 In 1989-90, reUectIng tlIe overall .lu\fqiahn ... of the
real •• tate aark.t in tlIa latter half of the fi.cal year.
Cigarette taxe" ($209. COQ) lIecUn.1I by 2.7 percent c:omporell to
1988-19.
Aetull
$1,251
YDT;(ang'
$191
Revenues trOll FIn.. and Pella I ti... which includa VehIcle Colle
FIn... Parking Violationa and other penaltl .. , /Ieclin.d over 9
percent trca the prior t i.cal year.. A d.cr.... in revenue tor
th ... tIne. and penaltI •• had been anticIpated. In prior years,
qroas revenue va. :reported .. with UJ'lcc!leetible accounts showing
•• parat01y a. bed lIebt .xpense. In tiscal year 1989-g0. revenue.
were booked net of bad debt expens.. Year-end actual. came in
higher than budqet, prlaarlly because of • higher .. llIIIber of parking
citation. written.. Al.o, fever vecanci •• exi.ted &1r.or.9 parkin<]
.unito". In 1989-'0.
Actuol
$4,832
Vlrian,.
($573)
utIlIty V.er Tax revenue was Ie •• than bullgetod, .ctual receIpts
of , •• illior. are 8 percent greater than 1918-89, but $S7l,OCO 1 •••
than 1989-'0 proj.ctlon. of $5.4 .. lUion. Utility .... r tax revenue
0IR:542:0 Ii
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18 .. d. up of charg .. on City utility billing. and telephone
~ny billing.. Aetuol receipt. w.re lower than budget due to
three faetor.. Firat, budq_t •• tim.t •• did not take into account
exemptions to public .genc1 •• , such a •• chool., poat offiC •• , th_
Veteran. Hospital, courts, etc.. 'l'ota.l utility •• 1e. elI:empted troll
utility u •• r'. tax aro approximately $3.3 million, and the 10 •• to
tha City Cat 5 percent) 1. approximately $165,000. sa~ndly, the
budget •• tt.lta ••• uaad that phone company rev.nue. would qrow ,
percent from the p~!~~ y*ar. In actuality, th .. s receipts vtre
flat, priJOarlly be".u._ the State Public utili U.. C01IIIIliaaion,
¥bleb regulated telephone rat •• , lIand.ted var1ou. rebat.. to
cuotomers throuqh the rata .truct~re. '!'he difference duo to not
t.lephone receipts wa. approxi.ately $90,000. Finally, utility
aal •• c ... in lover than •• timat.~ and the -discount-for large
utility usar., I.e., the -stair.tep effeet-vas greater than
projacted. '!'he dHf .... nco is approximately $325,000 in "Ulity
u •• r t.x r.Venu •••
Adjusted Budget
$4,511
Actual
$5,612
yarilng.
$701
Rev.n~e. trom Service Fe •• and Permits ¥ere 12 pe~cent .bo~e 1~B8-
19 actual.. Planning F ••• and Building Permits experienced the
18!'geat variance, $402,000, pd"arily due to a h'qh nwober of
8ingle fully plan cbeclca and an increased number of projeeta
receiYing preliminary reviews by the Architectural Review Board.
Golf Cour •• Green Fe •• showed a variance of $51,000, due to an
Incre.aed number of rounds played~ Paramedic Service Fee revenue
vas .150 up due to an increased number of billinq., resultini in a
$~3, 000 favorable varian.c.e.. However, the increa.eel Paramedic
r.v.nue wa. more than off.at by • hiqher proYision for bad debts.
Ani •• 1 services Fee. exceeded budget estimates by $19,000 due to •
• or. aggressive revenue program, which 1. in keeping with Council
direction to achieve bigber direct coat recovery.
J.t.re.~ IAea..
ltdjuAted Bu4g.t
$1,900
Acty,l
$2,381
yarianc. un
Interest .arninq. wera hiqher than projected by almost a half
.!lUon doUars in the General Fund. The favorable yer iance is due
'to the tact thllt th. actual avel'a:ge portfolio •• rninqs rate
experienced (8.~ percent) wa~ hiqher thon planned (8.6 percent) and
co.h I>Iilanc:ea In 1989-90 were hi\lher than pro,eetecl. Increased
cash bal.nee. were due to-.incraased revenues .. partlC"11arly 1n Sala.
Tax and service rae., and due to the fact that actual c •• b outlays
for CIP projects wore 1 ••• thon planned.
0111.1542:0 "1
All ... ~" Claarge. C.e~1
AdiuU," Iys!g,t
U.U~
Actual
U,n.
Varilne.
$267
Allocated chuqe. const.t of service. suppUed bet.,"" dep"rta.nta
and between funda. Allocatedl Revenu •• exceed Allocatedl Cl>arqe .. dlue
to General Fund ~erviceo pertoraed .~ charqod out to Enterpriae
FUndI act1vit1e.. Actual reve"ue. and chorq ... hoved favorable
budqet variancac for the fiacal year.
!he di.cu •• ion and analyai. vhich follow include enc~.ncea and
r •• ppropri.tiona 1n the actual am:>unt •• hown on the Fourth Quarter
Financial sua.ary tor the General Fund.
l.dju.ted 2udget
$38,15~
Actual
$38,658
variance
($4U)
Actual expenditur •• tor Employee servica. ",e ... 1.4 percent over
budqet. A. bigblighted In the Kid-Year lIeport, Police and Fire
overti... Ill<pSn1'88 were pro:lected to be $350, COO over budget,
althouqb it vas hoped th .... vould be of hat by ,,"ving-. fr_
vacanei ... 1n otber City departeent.. OVerall •• ving-a did not occur
1n the General Fund, hoyever. The accrual for unu •• d vacat.ion .nd
.ick-leave tl.. aade at year-end W~. not budgeted, and lncr •••• d
Salari •• and Benefita expens. by approximatoly $350,OO~. In tb.
paat, thi. accrued e.xpenae had been covered by general .alary
.aving-a. Specific departments exper18l1cing varianc •• included:
City Jlanagera Office, ($42,000), and Information R •• ourc •• ,
($58,000), due to lover than projected v.;.nci •• , a. veIl a. al~
leave and vac.tion accrualo; felice, ($l38,C~Ol, due to overtime
for the October 17 earthquake, Forty-Ninor footbell 9.... at
stanford, and numerous injuries and other dio.biliti.. which
required overtime to aeet mini.un &taft!ng requirements; and Fire,
($216,000), due to overt i.e for .tat! v.canei •• , disabilities, and
other .inimum ataffing-requir •• ents.
Co.traet .erv1oe.
Adjy.tcd ludget
$6,350
Actual
$6,186
Vlri.nsc
$164
Actual ~nditure., 1ncl~dinq e~cumbrances and reappropriations
vere 'Under the adjusted bucSqat tor lSl8!J-tO. 'l'hl! favorable. variance
i" priaarily duo to •• vinq" in line cle.ring .er~lcea in Public
Works. OVer the laat •• veral year., many of the lar;: •• t tree. have
aDt:542 :0 8
•
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..
Men trl_ bec:l<. Becaua. of the c5rought. 1 ••• g:-olrth has
............ 84. n\llllrlh9 1 ... Une cl.ar1nq.
'c;t;ul1
U,531
VAll'Me
$111
savlh9& vara r.al1~.~ prl .. rl1y In the Public: w~rl<a Department us.
of tire., bet.teriea, aut.o part .. and. .t.I' ... t, repair •• terle.ls~
Requirementa war. le •• than proj.c:t.~ In the •• araa ••
Ad1y.t.d Budget.
$3.547
Aetut,l
$3.451
V,riance
flO
rba General Expene. category includes expenditure. fer grants and
aubsidI •• , liability insurance, talephone and non-city utilitie ••
certain contract construction c:harge., .n~ poataqe. General
Expen ... tor the year showed a favorable variance due in larqe part
to ganaral liability claims being 1 .... than fore east eitywide ..
At June 30... 1990, the follovinq reflects General Fund Relarv"'!
lavals (in thousan~s of dollars):
General contingency
Stor.. Invantory
EnCUll:brance. and
Reappropriations
Advllnc .. to Oth..-Funds
Reaerve-Stre.ts , Sidewalka
Tota 1 General Fund Reserves
Self Insurance
1989-90
Ae1;u.l
$ 5.000
903
2,011
2,096
:1 67
10,377
Q
$10,377
Increase
1988-89 (Decr ... e)
Adu.l in h"ry,
$ 3.000 $ 2,000
1.056 IU3)
1,837 114
1,&81 415
L.J.ll U .•. ~~)
8,S91 1,386
~1~2Q (5,1S0)
$14 ,181 ...
!"he self Insur.nce Reaerve va. tranaferred to the newly established
Internal Service FUnd for In.urlnee and EMployee Benefit ••
CIIR.50:0 ,
, '~ ,
o
Council .bould note that 1"9-'0 transfers to the cepital Improve
.. nt Fund for eppropriated street. and 6idew.lks projecta, which
totaUed U.2 .Ulion. required a $1. 05 .illion dra" on the Reserve
for street. end Sidewalks. ~be remainin'i' unappropriated balance in
tho .... rv. tor Str .. ta and Sid."alko 10 un,lo,.
Tbe .. aarve for capital Projects in the capital I.prov •• ant Fund
bad an ending balance of ".7 .1llion. prior to the transfer of
exce •• revenu •• over expenditur •• Iro. the General Fund. As part
of the year-and olooing activiti... approxi .. tely 51.7 .illion,
co.prl.ed of General fUnd expenditure ~.vin;. and exce •• r.v.n~.s
end r .. erve belance chan; .. , will be aMed to the 1I ... rv" for
capital Projacta. Gene ... l Fund capital bprO\l_ent Project account
balance. tor coapleted projects (S.4 .ll1ion) vl11 also be trane
~err.~ to the R ••• rve. re.ulting in ~ y~ar-.nd r ••• rve balance of
approxt.ately $5.1 .ll110n.
a.lane .. 7/1/19
ArDored car SIIrv ices
Emergency o.fibrll1ation ~~ip.
Plan Chocking ,ervic ••
Centennial Ca.elttee
Personnel Recruitment
DriYi~ 1I0ng. Tee Expanoion
City Manager'. Hauling
Prallainary aelanc. ~/30/g0
Tranafer of Exc ••• ot Cenaral Fund
lI~venue and Other Financing
SCNrc.. over EXpendi tur.. and
other Financing U.e.
Clo.ed CIP Project.
Balance 6/30/'0
$4,33~,338
(~,n:;)
(45,000)
(~O, ClOO)
(' ,100)
(16, SOD)
(35,000)
(424, POD)
$3,737 ,763
1.74], p,§
)'3,'12
$5,1IH,~41
The Goner.l F~nd tranafer of $1.74 .!llion compare. vith e prior
year transfer of axe ••• Gen~ral Fund revenue over expenditure. of
82.71 .i111on.
10
•
~ .. .. .. ..
0
PtopiRtyT_
S,IesTaxes
U1t1lly UIIIII'S' Tax
Tranale!ll oce. TIIX
OIlIer TalClls
EmeI\}8nt.y SeMcea .. .. Fees & PurmlI8
ln111t11lt & Rent
N!I1ln1erfUnds
Other Revenue
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CITY OF PALO ALTO
GENERAL FUND REVENUES
THRI:E YEAR COMPARISON
5000 10000
,THOUSANDS
15000
• 89·90
[] 88·89
• 87·88
®
CJ
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8 .. .. .. .. ..
a
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SocIl,'8er¥lcea
Flre
Pollee
comm Erwlronmenl
PubIIcWorb
• AdmlnllllnlUOI'I
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CITY OF PALO ALTO
GENERAL FUNDS EXPENDITURES
THREE YEAR COMPARISON
2000 .. 000 8000 '8000 10000 12000
,THOUSANOS
.' 89·90
GI 88-89
• 87-8B
.88.89 ._dlture. _ U.4 ........ "" ..-olio 100M ... __ • ond 0 ., ,8 _ 1Itto ......
Mttletnent,
·89.90 e!rplfMfllUN. ~ 13.2 mIffkM'I for ~ lIte ...... ttlymenta,
.C,,";J~~ • __ .. ..:..~ r:-~,f1F$' ... ,.i/t:' . ¢: "I} '*""f! .1'.
0 ',. ,I., ':
. ',"f
I . ;'0' k I
I
1
0
.,'-~' ,
~ 0
POUIlTH QIlAltTEII FINANCIAL SUNMAltY
ENTUPIUSE Fl,.'NJ)
UVENUl! ANI> EXPENDITUKE SlJ)IMAIt Y
(io __ or dollan)
Jill: hdftd hmI JIl. 1!22 von-. Y_Ea6od
~ __ .f< f.-.bl& 6!lf.)/t9
IIIIIasI ..AsIlaJ ~ 6lpr.ygt,) ..&!IiaL -TocoISoioo 110,069-100,4.lS (614) M.~I --4,661 tom 1.737 .5,731 0IIt0r_ -laI .,A.gll ..m ..lm
TouI .... _ Ill,t?g 119,172 1.693 1001,713
Eq £""'l1lI:
VIiIi'1-i4.909 51,390 3,519 46.'51 -..&-lO,""l 10,510 431 !Ma;
c:-..._ 5.OM ',)27 1.294 463 1,t61
SowIieoA-1,69) 1*"81 62 lSO 1,"20 ---5,)01 4.00 57 121 3.'12 _&a:-G 31 11 45
f_IieoA.~ 140 122 I 10 2))
C fCU 134 0 0 134 0
All-..! Qup (Dot) 14,193 13,567 470 2S6 11,560
BodDel>l~ ~ ....Jjl ~ -H
TouI~~ 91,117 14.917 1,191 5.199 74,641
T_
Clp<toIloa T...m.. • GF 14.101 14,671 lS U,291
0pet0t0ta T_ • CP ~ ~ Jl. ~
TOIIIT_ ".OS5 14"" 56 n,153
TOIII E'p""" ...... Im,m 99.916 1,191 5.'5S .... 94
c:.pitoI hpell'lillnll 19~17 1,_ )0,141 '.161
NdOl_ (1.110) 11,500 12,132 7.641 11,056
CIIR.542:0 13
-l'ar'" ....... lung' a,4 _.1 •• 'PM'n
... Dua
Ao1:u11
$10~,455
y.rf.~
($614)
utility revenue. vere con.i.tent w1th projection., and .howed a 10
percent increas. over lS88-89 actual.. Actual •• 1 .. ~y tund ware
ea toll ..... :
Sale.
U89-'O Adjuated Sal ••
~ '15UU~i I~glt XiI:Sllla l!!BB-I5!
Electric S 5t,395 $ $9,716 $ (401) $58,846
Watar 9,651 10,162 (511) 7,834
G .. 17,380 1',&94 "6 1$,261
Wa.tewtr 13,385 U,936 (551) 11,409
Ret .... 8,971 8,832 146 1,40S
Stora Drn 6fit t:;Q ....u. 0
Total 5109,455 $110,070 $(615) $99.763
Actual vater .ale. wara belov the adjusted budqlt by 5.3t. due to
tbe continuation of voluntary rationing request.d or Con'UR~l.'. in
1'88 due to continued drought conditions. Wastewater .al •• tell
~low adjuated ~get by 3.8t. Also due to the reduction in vater
us. by Palo A.lto customer.. A favorable variance 1n ;a •• ale.
(3 .n) .... attr1whd to the below-no .... al un aUlIIBer aN! aarly
autuan temperatur ...
lat.r •• ' laooaa
veriane.
$1.737
Intar .. t earning. Vare l>1iher than projected. re.ulting in a
favorable variance. Thie, again. 1. dlr.le to the actual .v.rage
portfollo .. mingo rate experienced ~in9 higher than tho projected
rat., and higher than planned. cash balances. Inerea •• d cash
balenc •• ware due to cash outlay. for capital expenditures being
1 ... than ~etad in 1 •• t-.O.
CIIR.542:0 14
•
•
Actull
'4,018
Yoriance
5570
2'be '.vorabl. variance in Other Income 1 ••• inly due to a rei.
bura .. ent from pacific .. 11 for their .hare of the Uni
verdty/Hallllton Underground ~1atrict I/O. 31. Th18 reven .... ""rce
bad not been anticipated vben the Electric Fund ~dg.t va.
developelS •
A41ulted Budget
$10,941
ActuAl
$10,510
:brilnco
$431
Variance. in the operatin9 budqeta in S~leri.s and ~~.tits were
orr-at by capitel _qet variances. Thia was d". to changing
priorities during 1:1:10 fiocal yur for .. orl< ere". betvun operation.
and .aintenanc. versus capital proj.et vork.
Actual
$4,621
Vlriance
$463
Refuse operation. were re5pon.l~1. for nearly half of the savings
identified in contract .ervices for the Enterprise Funds. Revi.elS
stat. _andate. delayed landfill closure plans and necessitated the
craation of .. new CIP project, approved in the 1990-U capital
Budget. The •• ving. froa Contract Services not .. tili •• 1S 1n the
current y~ar will help increase the fynd'. reserve, rrom which the
Landfill Closure project will be tinanced.
COntract service. were 1 ... than the adjustd b.Jdget due to vuiouo
operating budget project. that "'ere not atartd or completed liS
.taff utilization woo. diverted to water rationing efforts. Energy
Planning and Energy Services were .speclally impactalS in this
Danner. Electric operationa projects, which sight have drawn on
COntract Service., bad to compete with .arthquake dalllag_ repair
.ttorte.
~r.nc.s and r.appropr1.~ion. ·carried forward to 1990-91
..ounted to $1.3 mIllion tor Contract Service. olone.
0IR.5U.O 15
..
Ihppu.. .., Katuial.
Ac21uwt." lu4gH.
$l,ln
Actual
11,4U
o
YJ,riance
U50
hviDgs in the SUppUu .. nd Mat.eriola catOliJory vore reali.ed.
priaarlly 1n tho Wahr QuaUty antS Itafu •• FundI due to dr"ught
COfiditlono. Water QUality lupply cost. ",oro under budget due to •
drop in cb .. ical purcha ....... a relult of docnaaocl flo.,. Itef ....
did not n •• d to purcba.. 1,,11 and foundation .. tor!al due to the
Ibcrta90 1n rainfall.
eeaaral ~e ...
Adjust,d Buds't
$5,l08
actyal
$4,617
Villonee
$821
" la~o portion of tne favorablo varianc. 1n Ent ... pr1ao Fu.'ld.
General Expen... vas due to actual ~CPA J~int Agency r... in the
Eloctric Fund baing 10 .. than projocted by $168, 000. In the
W • .tewater Fund, the variable interest ret. on bon~ payments was
balow tno budgeted •• 5 percent, ruultin'l in an additional $lIO,OOO
_ving ... ClIarg,," for liability in.uranc. clai •• ",oro $228,OGO less
than the a4:1usted buclqet for all Entorprl •• Fund ••
Ac;tull
$14,037
Varianc,
$256
~. favorable v.rianco in allQCltod chargel in 1989-90 i. attribut
able to general liability insurance claims baing 1esl than
projectod and 1... line clearing activiti •• duo to the 4rought.
only 1n the Stor. Drainsg8 Fund, where bad debt expense and certain
.uini.tratlve costa war. not b\!.dgeted, did • neqativlI: variance
($6,000) occur.
011<,542,0
-~-~-~ __ r""
•
..
',-./.'
/ .---------
!'he chan9~ In Ent.rpr1 •• f'Unci .a •• arv •• an4 Retained. larn.1rl9s yere
•• follow. (in thou •• nds of dollara).
7/1/" Un-to 6/30/to
FWI4 Iner.... in FWI4
•• tlnc, Fund II line. lal,ns •
Electric $ 68 ,584 $8,812 $ 97,396
lIater ',"tlt 1,"739 10,14.
Ga. 11,735 1,6D7 20,3U
westevater t,431 (314) ',117
... fus. 1.4,024 (286) 13,738
Ston Drainage ;27) (SS\ (8S!
$139,156 $11,500 $150,656
Bet lncra •• e4 fundln~ to reserv •• exceeded adjusted budget, which
reflec:ted an anticipated use of reserve fundo. The Enterprise Fund
••• erve 1ncr.ales were the result of higher rev81'lu.. of $1.7
,.11Uon, and l ..... er total expenditures of $S. 8 .U11on. Siqnificant
exp4Inditure aavings in the EI .. ctric FUnd, Incl1J,lil19 a positive
variance in utility purchases of alaost $3 mill!?n, acccunts for
the lsrge r ••• rve inereaae in tha.t fund.
RtFen'pd.,!"
statt reco_ends that tile City Coyncil adopt til. attached ordinance
authori.lng: 1) closing of the 1989-90 Budget; 1} establishing
reserves; 3) reappropriating $1,189,450 into the 1990-'1 operating
.uag.t; 4) the transfer trom the Caneral Fund of exeess revenues
and other financing sources over expenditure. and othRr financing
ua •• , to tho Reserve for Capital Projects; 5) clOSing various
Capital I.prov~ent Project balances, for projeets Which have been
complated, to the Reserve for Capital Project.; and 6) increasinq
.ppropriations for the stOrD Drainage Fund by $6,000 for adminis
tr.tiv. elIar.,e. and bad debt not inclUded In the operating _qet,
vith • corr •• ponding tr.nsfer trOll the ston. Drain.~e Syste,.
I:.prov_ent Re •• rve.
lXbJl>lt A
Exhibit B
Exhibit c
Exhibit D
Jnalysls of ~ •• erve Balance. by Fund
~e.pproprjatlon. from Fiscal Y .. r 1919-90
Capital Improvement Proje~t. S~ry
~terpri •• CApit.l Project.
17
•
'. '
.'
Clllh5U.O 18
1IIIIIf A
"", ... MAI."" ..... IM .... .-0 I .'AI_ ............ ... ("J .. t ,. AuIIIt) (I" MIM".~
10'_ ..".,.. , .... -fifte' "-...,lttflll fr_'''' -. 10'_ ""'1/"
...... ~'"'.... • •• tlt ",201 (".AlI, '.. (,.sa, .... '"'
• •••• ••••• .......... ~ .................. u .......... n ......... 04 .............. , ........................................... . -,... r~ ta .............. 11111_
It ..... '''''''''"'''' ... ..-'It Ie(' I..,.....
........ Centlll .... t ..
....... ,.otIWhftdtI
Itrwt I t .... u. ~1.tM)
t .... '.056 '.'9D l ....
1,M'
'.4U'
I.'" 90S • S •• J.:
.. brIIIlt.t ,",_a 'w '.9'92'" (S.tR) •• 220 J.DI M._ . ~.t;: ... ~ ......................................................................................................... .
i(nauIbo_ I ............ ,.U_ '.651 lOt t2l.6116, '.M t._ '.m
tlftit" I ..,..,., IIte¥ ,. ... J.at. • (',OINJ t.W t
c.pn_t mJ_.. .,»6 1 (1AO, 1.6l! '.M
~!~~.~.~ ................................ ~~~~ ........ ~~~ ......... !~! ...... !!!~~ ......... !!!~ ....... !,,!!~.
Ill .. ,,"" fwl 'trw' lap. I 1'-, .. , t.m .. , ('I'"' I.OM , .... t Orant. (CIIIO/.", ,0< Il' .M2, 1511 Ctl' ..
.... ' ..... ·ltw ..... ... S."" t ... 1ftc: "ltl .. II .... 1!8 H. ID
",,"1.1 " •• "Iat. ." S" • m, ,. .
....... tl~ ,~ '.. ."n (l."1J '.171 6. ,. ...........................................................................................................................
~r_. ..........
...... I ..... -m ..... Ot"""....., ... .......
. ....
'.44S ' .... ...
I ....
"
. ... ,
(151, .... , ". ... ..... Z.'" '.t"
.",.,.1 ..,." .. 'H 1.441 lJ.M tH,'" IGZ m J.," .................................................................................................. ·· ..... ····H· .......... · ........ ,."
Il.,,~ •• ~ •• sww
"jMilil IerWhl'"
~., t.n.flt • .., I .........
1,441 l.'" ...
11.'69
('. '14)
(l44)
(11.466)
...
m
>.m • ...
*
, .. :\
(j-i/ !
,
'\" .
',;
I',
o
II I .~ 5!!!J1eIi ~ .. ~n ~m:~ u5.~ II I E£Ui5!.£ i! ri =lr: ..... .;,J.: :: ~ • ~ N Ii .;,..: ...... .,: ~ !
! ~ ..
I
.n ~ • ~
I n :
Ii
I € • ~
I:: n ! ~
II -
-aC } 0 !i • i=
iJ f :: •
~ !! s I U I~IC·=~ i·-::~ ~5Ii!1~ I~~f! !~i!!~i ~ • -:II.~ .. 1;. ..... Ii ~ -II .~ ! Ij ~ .,,;..: ... ":~ = ~ -~ .; ~ ~": • .J .. """ N
112 :Ii a-
!
i
I J _ iii . --i J ~ ~ if = II! 'I f II -1 i JJI -i i 'J. t I; l!~ i1! , i , !O • ~ j.li ; i . Iii -,li, -i~ .IIi II I ~
i 1_!F~ul_l[l=iI UO:dJd=Uli Hul: i i
pm'lSZJf
Au4itor
A1.torney
" Operationa
IIDIBI7 •
aDJO,aonu'fJOil
Dote n """"
computer Equlpaent for City $
AudItor.
Carpat .eplaca.ent for 7th
Flocr. project bid and
approveCl.
Restrlpplng 'aint, d"e to
delay in equipaant repair.
R.flective Markers Contract
install~tlon delayed due to
peuonnel cha"'l •••
Cultural Center Boiler
Replacement and Asbe.to.
Remova.l ~ MSC 9a.raga exhaust
.yat.... projects out to bId
6/301'0.
7th floor carpet replaeeaent.
proje"t bid and approved.
Dora Separators,
dalayeCl bV Fir.
Relocation Study.
project
sution
Defibriliitorl. project
delayad due to union
negoUationa.
Paramedic Coun.elor, c01Ibined.
wIth 'DIU fund. for total
contract..
Hazardo". K4t ... 1ala Data II.... MoCIification. to
co",ply with State and Fed .... l
.~l.tiona.
Planning Urban nealgn Plan Consultant
graphic," work.
MOVIfT
B,500
6,000
7,500
4S,900
n,200
27.000
7,000
16,QOO
.,500
ram'XQI
Golt COIlnIe
.. creation
. -~-~ ;4.--.
---
~ .. onnn,*
DQI n 1 •• ' .... g
!maR'"QI
o
K •• ter PIa .. for
delayad
aeope of
Irrigation/Effluent,
dUB to chang. 1n
project •
cubberley replace •• nt
equipraent (aude and th •• ter
a.,dio).
8icente"ni.l co._ittee
expendit .... u "ot y.t im:urred.
Youth S.rvice Project, qrant
funding not yet ~ad.
Printing coata, book revla10n
by ru1< Force for DhabUlty
Awarene.s.
~ile oata syaeea for the
cuato •• r fl.1~ •• rv1ce
_ploy ....
t1tU! U.. Safety 2'ra1nin9
Center for C.. operatlona and
Field Service .taft.
Emergency Powe.. Supply for
l.oad Reaearch and Gaoqr.pl>lc
Intoraat!on Syatea, pending
relocatIon of eyateBa.
PC network .oftwar. at KSC.
PC llIetvork bardvar. -.tart
delayed due to late coapletion
c.f 'lIQCi' "etwDrk.
euato •• r Service center
telephone eyat •• .nhanceaenta .
. ,
Al!0!!l!T
45,000
32,000
'.000
',650
4,000
'$ 306,650
40,000
24,000
18,000
11,000
34,000
20,000
-"'
prollPl'
Electric
cas/Wutevatar
Collection
Reru ..
_nonun05
DOX " 1"'-11
"'L'prIO'
utility 1>1111"9 and job
.ana; ••• nt Implement.tlcn,
project. 4elayed due to
.. eor9an1&atlon of the
rinancial services Group.
Con.ultant tor d •• and ai4.
pr09r.. ana ly.1. anI! end use
8Urvey, delayecl due to
lncr .. ucS uph .... 1o on drought
plannl"9.
Lanll.eapa lJaybtlll Substation,
pandi"9 A ••• B. approval.
D191ti&.
project
paraonn.l
year.
B1 celt Book llaps
del.yed due to
eh."9" late in the
Ba~ardou. waste disposal tax ••
.nII pen.l t fees. B1111"9 by
,,;;.. .. i... and Lcx::41 Agenci.. tor
'9190 1~9'. fiacal y.ar and.
stat. .011d w ... t. tax.. and f.... Bill ing by State and
Local agench. lags tbeal
y .... and.
Laachate Konitorinq Proqram
delayed by the Reqional Water
Qu.Uty cOntrol Boud.
EPA SUbtitle D require .... nta,
revl.ione not yet complet.d by
the Env ironm.ntal Protection
Agency.
Lo. Altos Treatment Plant U ...
and 0.819n StUdy Soil sampling
anll Analy.ls, preli.inary .it.
inv •• tlgatlon not yet
capleted.
Mom
235,800
15,000
10,000
15,000
33 .. 000
39,200
7,900
13,000
30,000
23,900
1518,000
73,000
aDIPftOftl'''~IOII 18QM II 1",_1.
un'IO' UJ1.MUZOll
Wastewater ~ •• taent ••• t. K!nl.1 •• t1on Pro,.ct
vtil1d...., tine received troa
Ford Aero"",,=-.
ENTZRPIU8Z :rtJNl) TOTAL'
!rO'l:az. cln .u.nllonu~IOII aagval"
MD'JU
42,000
$ 882,806
U,ln,no
•
. !~c"-~, , .
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, _.
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II .; .: ~
il I H ~ !!III n ~ u 11 it! ! .. ~. .;
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uu§uu ~ HiiiUIU U ::
II i i"; i'-t i i ~ !l£iHi';i ~! i ---• Ii, "
ilt II-UU-U N UU!UUUU ~ e :;
u U! "I iii H it 'Ii:i e iHlire'iiHi!i i -.-r l IJI .; ,.
c Ii !J U
.... , ....... ! HU~H~ n ! -! i i iii'·"i!!'5 ii ! .. 1 t5 --. .: .;
I!· rpr
Ji -'HHHH I 1!!!IUIU'iHu J
i ·t······6 &1i •• j ! I UeUE!!!! ~ UUU Ei
ij ..; .: N ,,;
II HHUHI IUiUiliUU i -i , . f I il Hij -
! :: .. I if! ! ~ h'l_lul ! .. I!! ·ili. ;: ~liHjIhHI I ---I -;'11' ! ~ I =!h~Ji ! I .; Illi:::--H,n E • < t l , % --% -1--.--. ~ --.... t tdi!iHHHi ~ -ll llflll }-l ...... ~ •• I ...
r"".IIT.
1tIItIft ......
~ .team'I_ ..,.. ct, ..,. -.. ICfIftIAIICIII --... --. -' awwrum.
_ ..
." .. no -...... ...... I'tO.IIa nru _ ... ,
AllaMI. "IW!I .allCluan. ... ... _, ""-......
••••••••••••••• n •••••••••••••••••••••••••••••••••••••••••••••••••••• u .............................................................. -1M' .-no MWIIIQIMIfI,nll 'SO._ 81.106 ....... JU.'" ".'" ,"OIl .... --• "."2 ,t.", "t. n ..... .... (Llmlll·~ I ...... ...... '.'" II .... ... " " .. hltTllt LOllI IIfIIMCtII "".-'M.I61 SM.'" !I .... lin,lI' €) ... et .... IUC RI .. le IIItIAU." I ".na (20,000' ".71. ".'" i.1IZ ..... ... Il..'CTlIC __ u. ':M4 CIIUI1t • • ".1'6 ...... ".N • .. 117 -fLR ~ tllW t'OIMMl" 2110._ 149. ", JO.'" 206.'" .... .,.
... 1'1 ... rue lOa' GIl. DU, .nt "".000 47.996 m .... lA,'" 111' •• ..... .. , ILrc·MMft-.RO aru""II.' III ".-• ...... • ......
211 ... .... 'lle IMmIIIf 'to ... III .... ';15,000 '14,m 2110 ..... .... m 17I,1IIt ItO."" ..... em lUll: _ MIll' aY ,. 0 ".401 (".411) • • •
211." em IlK. nmnl~' HI._ cm,oua, ..... -au nWICft".T. lte._ .. , .. .... fLit ftAllSfQltllI' .......
1.0'.' .... Il" UII mmtClfl ~ ,.. .... (t.,OOO) ..... .... IUK Ult:rf Udlf • 001.-".,ta 411.]" ...... "'.'U .. ,n ..,. '\'K tu.f."C "_, zn,_ ... ..... m,too 'I.'" '",''' 20m .... ILIt CUIUItCATIM tID,. 36.744 ''',1&4 "," ...... ... .,. om !\.fC ""'.L", UI caw '.~,ooo • '."',I0Il '.!M.tIt1' IS .... :: _. ..,. tllC C. 'lIIY _ • n'.101 C",a, ,'!Itt,PO' 1iN.4M ... m C,) I. lOt" ""' nit MtII\.\ II(V .. 0 '00,_ (100._' • • • ,~, ... " ... , II,H: ~, • tm RIDII -.-1O,. "'.-".'" ....-
.. t .. .... ILIe Mlrau. NVtIc:TUIl ".GOO 490 •• " "",.1S a',itJ ,.. . ..,
.. ·t "'110 -Ilte~,~ ...... I ",-)D .... 't9.n, I ". :
i~' , "'" -(Lift UI .,.ttl ~ ,tI._ '01 .... m .... ".-If',I ... , .... ..., nit .... wu." ".-",,~ 1;1&,'" 'l.nG 17,'" ... I , ..... -Ilft ust.rtc. ,~" IS .... "'.'11 ".-1"','05 "'. 'M U.". ..... .... ILlt: bUff' .uatQa., • Hot."t ,n,toO "".S" PO,'5I )il • ."
20'" .... I!lfC IMIfI ur 1M ...... • m._ no."'" • .......
20'" -ElfC 'fI'. MIn UG ...... • 10 .... 34.411 1'1.~
.. t .. .... ur.: 'UDOll'IELD • l'J.GOO • 1Z.00D 41,000 "',54' 1,4"
to'AL _TD,."Stb ... ·to rueTi J.'H.~ 2 • .!I79.6l1 "'.,'S 141.000 1,lU,MO J,09O, ,It ".'~,'}1 ...................................................................................................... .~\t:.,,;.~!!.to~;,j.:.&~.,".;··.r,"-,."· ',' •
.<
. -
j;. ;:: or, '
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o
ORDINANCE NO.
ORDINANCE OF '!'lIE COUNt:IL OF THE CITY OF PALO ALTO
AUTHORIZING CLOSING OF THE 8UDGET FOR FISCAL YEAR 1989-90
WHEREAS. pur$U4nt to the provision. of section 12 o~ Article
III cf tbe Charter cf tbe City of palo Alto and as set forth in
section 2.28.070 of tbe Palo Alto Kunicipal Code, tbe Council on
June 25, 1989 did adopt a Pudget for fiscal year 1989-90; and
WHEREAS, fiscal year 19P9-90 ba. ended and the financial
results, althoU9h subject to post-audit adjustment, are nov
.val1able end are herewith reported in summarized financial
exhibits prepared by the Dirl8ctor ot F~nanee which are attached
hereto, and by reference made II part hereof; and
IIIIERXAS, pursuant to Section 2.28.08e of tbe Palo Alto
Municipal Code, the City Manager did amend the budqetary accounts
Qf tlte City of Palo Alto as shown on the attached exhibits to
reflect:
(AI Additional appropriation. authorized by ordinance of the
City council.
(8) aaendaent. to employee compensation plans adopted by the
city council.
(C) Transfers of appropriations from the continqent account
as authorized ~ the City Kanager.
(D) Redistribut!on of appropriations between diviSions,
proqr~ms, and cbjects within various departments as authorlzea by
the City Manager.
(E) 1989-90 appropriations which on July 1, ~990 were
encumbered by properly executed, but uncozpleted, purchase orders
or contract.; and
WllEREAS, Article III, section 12, of the Charter of the City
of Pdo Alto requires City Council approval of additional appropri
ations or transfers of appropriations from one depart.ent to
another; and
~, 1989-90 appropriations in certain departaents and
categories •• ahown on the I!Ittached Exhibit -8-, 'While not
obliqated by purch ••• order or contract, at year-end are neverthe
I ••• reeo.aended for reappropriation in the 1990-91 tNcl-q'et; and:
'MHERD.S, the Stor. Drainage enterprise tlmd did not include in
the li89-S0 appropriation., expenditures tor bad debt expense and
ad81nl.trative aupport trom the Utilities Department, requiring a
transter rroM the Stor. Draina9~ Systa= I.provement Reserve to t4~e
operat1fl9 tund.
NOW, THERn'OIU!:, the Council of the City of Palo Alto does
OllDAIK as tDllQWs:
SECTION 1. The City Kanaqer !s e.uthcrbed and directed to
increase, if necessary .. authorizations in thl!' utility fWlds by
UtOW'It8 aUfficient to provide tor purchase of additional water,
g&S, electric, and refuse collection eervicas, in the event the
8ales of said utilities .ervicl!:s exceed the original es.timates
contained in the 1989-90 budqet.
SL;rxOll 2. The 1389-90 appropriations for the de.partJ:Ie.nts and
~teqorie. shown on Exhibit MS-shall be carried forward and added
to the 1990-91 budqet.
SECT.1ON 3.
directed:
The City Manager ia further IItlthorize-d and
(A) To close the 1989-90 budget accounts in ell funds &nd
4epart.ents and to .ake such interdepartmental transfers as
required by the Charter of the city of Palo Alto, by ordinance~ or
as .. et forth in the 1989-90 and 1990-91 budqets as adopted or
Ulendsd.
(8) To close various complet.d Capital Improvement Projects
and move the balances into the Reserve for Capital Proj.cts~
(e} '1'0 increase the Storm orainaqe Operating fund appropria
tion in the amount of Six Thousand d~llars ($6,000) and decrease
the storm Drainage System Improvement Reserve ~~rrespondingly.
(C) T~ establish reserves ~s set forth on Exhibit WA-in the
&aounts shown or as necessar'y to provi~e for:
(~) A reserve for encumbr~nces and re-appropriations in
the variOl.l8 funds, the purpoae of Which is to carry fon,"a.rd and
continue in effect the unexpended balance of appr~ri.tion5 for:
Ca) C&pital projects which were not. complete" as of
June 30, 1989, al abown on the attacheO Exhibits ·c· and ·OM.
{b) outstanding purchase orders and contract. for
whIch qoods or services have not been received or coml,leted by the
laat day of fiscal year 1989-90. Such appropriat_I,~ .hall be
carried fDrward and added to the 1990-91 budqat.
(c) 1989-90 depart~ental expenditures which were
avthorized to be carried forward in Section 2 above.
' .. ,
•
..
(2) Re:serves tor ac1vanc:e to other FUnds and .tor-e.s
inventory in accordance with ardinaDCa and policy quidelinea.
(3) Reserves for utilities plant replacement, transfer
.tahiliz&tion, 5YSt .. improvement.! an4 other r ... ervas in accordance
with Charter and policy qui<ielines and baaed upon a report of
utilities plant .~ition., donation., removals, and depreciation
prepared by the Departaent of Utiliti •••
(4) A res.rve lor qene~al contingencies of .uch aaount
that the City Council .ay direct.
(~) A r.8~rYe tor interest during construction for the
calavara. Project.
(6) After providing tor the foreqoinq reserves, transfer
the remainder of the 1989-90 axc~.. of General Fund revenues over
expenditure. to the Rese:va tor Capital Projeets.
SIC'S'lON S. Opon completion ot the independent audit,
detailed financial "tat .. cnt .. givill9 effect to all the .. bov ..
"eet:ions shall be published ". part of the "nnual financial report
of the City as required by Article Ill, Section 16 .. of the Charter
of ~~e City of Palo Alto and In accordance with generally accepted
accounting principle ••
SECTION 5. The Council of the City of Palo Alto hereby finds
that the enactment of this ordinance is not II. project under the
california Environmental Quality Act and, therefore, no environmen
tal i8pact assessment 1. nece •• ary.
SECTIQH §. As provided in 8ubsection (3) of Section 2.04.375
of the Palo Alto XUnicipal Code." this ordinance shall beco.e.
effective upon adoption.
IIITRODUCEO AND PASSE!):
AYES:
NOES,
ABSTENTIONS:
ABSEII'l':
A'l'TEST:
city Clerk
APPROVED,
Mayor
.. ';"-
APPROVED AS TO FORJI,
bat. c:l ty Attorn.y
APPId)VZO:
cIty lIa.">ager
Director of FInance