Laserfiche WebLink
DESIGNATION OF FUND BALANCES <br /> <br />As a final step in closing the 2003-04 books, staff is recommending that the fund balances in all <br />CIP Funds be fully appropriated and designated as contingency reserves for existing and future, <br />known and unknown obligations. With recent changes in governmental accounting rules <br />(GASB 34), the City will no longer be able to reflect internal reservations or designations of <br />fund balance in its financial statements. However, to facilitate compliance with long-term <br />financial goals in the City's General Plan, it is still important to make these designations. <br /> <br />FISCAL IMPACT <br /> <br />The recommended actions will facilitate the completion of budgeted projects. There is no <br />significant fiscal impact beyond what has already been approved by the City Council when the <br />CIP budget was adopted. As was noted with the adoption of the CIP, there will be future <br />maintenance costs associated with the construction of the additional/expanded facilities and <br />infrastructure included, as outlined in the original Capital Improvement Program documents. <br /> <br />Respectfully submitted, <br /> <br />Susan Rossi <br />Director of Finance <br /> <br />Nelson Fialho <br />City Manager <br /> <br />ATTACHMENTS <br /> <br />Resolution <br /> <br />Appendix A: <br /> <br />Capital Improvement Program Fiscal Year 2003-04 (FY04) <br /> · Recommended Quarter 4 Amendments FY04 <br /> <br /> · Adjusted CIP Budget FY04 <br /> <br /> · Actuals FY04 <br /> <br /> · Recommended CIP Carryovers from FY04 to FY05 <br /> <br /> · FY04 CIP Budget Variance to Actuals (plus carryovers) <br /> <br />SR 05:017 5 <br /> <br /> <br />