SR 05:018 - Laserfiche WebLink

Honorable Mayor and Members of the Council: BACKGROUND The purpose of this report is to present the status of the Operating Budget for the first quarter (ending September 30, 2004). Because of time constraints with staff simultaneously preparing the 2003-04 Comprehensive Annual Financial Report, the first quarter update for the CIP will be presented separately in the near future. DISCUSSION Year To Date Amendments and Quarter 1 2004-05 Recommended Amendments The worksheets in Appendix A blend the current year 2004-05 Operating budget with the carryovers from 2003-04 that Council already approved as part of the year-end 2003-04 Financial Report. (These carryovers are detailed in Appendix B). Also reflected in Appendix A is an update to the beginning fund balances. Budget amendments already approved by Council in the first quarter are included. They reflect a transfer-out of $770,500 from the Park Renovation Fund to the General Fund Park CIP Fund to fund annual renovation projects, and an appropriation of $3,000 from the Water Fund for shared costs of the Committee of Valley Water Retailers. Staff is also recommending a correction to the carryover revenue estimates and budget appropriations from 2003-04 to 2004-05. In October 2003 the Council approved the guidelines for a new down payment assistance program for low and moderate-income homebuyers using State HELP (Housing Enabled by Local Partnerships) funds. The State will contribute $450,000 and the city will contribute $160,000 from the Lower Income Housing Fund, providing funding for a total appropriation of $610,000. Staff is recommending as a formality that the budget for this already approved program be carried forward to 2004-05. Staff is not recommending any additional revenue or expenditure budget amendments at this time, as a detailed review will be conducted at midyear, when updates for major revenues such as property, sales and hotel taxes become available. SR05:018 2