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THE CITY OF~~i <br />pL£AS, NTON City Council <br /> Staff Report <br /> <br /> Finance Department <br /> June 21, 2005 <br /> <br />SUBJECT: 2004-05 MIDYEAR AND THIRD QUARTER FINANCIAL REPORT <br /> <br />STAFF RECOMMENDATION: <br /> <br /> Staff recommends that Council adopt the attached resolution which amends <br /> the 2004-05 Operating and Capital Improvement Budgets as follows: <br /> <br /> 1. Amend the Operating Budget, as outlined in Appendix A, to reflect: an <br /> increase in revenue projections by $2,812,671; an increase in net <br /> transfers-in by $1,555,273 (offset by a transfer-out from the Housing <br /> Loan Fund to the Lower Income Housing Fund); and an increase in <br /> expenditure appropriations by $2,396. <br /> 2. Amend the Capital Improvement Budget, as detailed in Appendix B, to <br /> reflect an increase in revenue projections by $2,355,910 (includes an <br /> increase in "Transfer to Next Year's Revenue" of $7,641,028 less a <br /> reduction of revenue estimates of $5,285,118 due mostly to a change in <br /> methodology); an increase in expenditure appropriations by $1,644,265; <br /> a net increase in transfers-in by $648,575; and an increase in Ending <br /> Fund Balances of $1,360,220. <br /> <br />SUMMARY: Each quarter a report of financial condition is presented to Council that <br /> includes any staff recommendations for budget amendments and technical <br /> corrections or actions needed. This report combines the second and third <br /> quarterly reports for fiscal year 2004-05. Staff performed an extensive <br /> Midyear review this year to coordinate with the preparation of the upcoming <br /> 2005-06/2006-07 Operating Budget. <br /> <br />SR 05:166 Page 1 <br /> <br /> <br />