RES 97057 - Laserfiche WebLink

OPERATING BUDGET Overall, staff is requesting that the Operating Budget be amended by a net increase (reduction in fund balances) of $2.34 million dollars as outlined in Appendix A. The most significant amendments are described in the following paragraphs. The General Fund reflects an increase in projected revenues of $1.45 million, which includes numerous small line item adjustments; an increase in projected plan check revenue of $102,500; and an increase in sales tax revenue projections of $1.35 million, due primarily to a one-time adjustment and a robust second quarter which included Christmas sales. Staff is recommending expenditure increases of $62,000 including $37,000 for computer networking for the Fire Department ($21,000 of which is funded by a transfer from the Emergency Medical Services Assessment Fund); $50,000 for the first part of the Vineyard Corridor Specific Plan, and a reduction of $25,000 for the West Las Positas Study (an accounting change only to reflect it as a transfer out to the CIP instead of a General Fund expense). Staff is also recommending that the General Fund's Capital Reserve and Undesignated Reserves (totaling $2,923,437) be closed out and transferred to the CIP, as discussed in more detail in the CIP section below. Four corrections to the Midyear Report are included as follows: · a correction of $171,188 in the Employee Benefit Fund expenditures; · an increase in the beginning balance of the Downtown Parking Fund by $5,950; · a net zero accounting correction for Lower Income Housing loans; and · correction of the omission of the expenditure budget of $12,486 (paid for by donations) for the Youth Collaborative's "Rage" event. The Storm Drain Fund reflects a requested increase of $7,017 for contract services performed by the City of Livermore for urban runoff source control inspections. The Assessment District Fund reflects a request for $10,000 to cover additional costs for new sofhvare which is being developed to manage the City's complex debt structure. The Asset Forfeiture Fund reflects a request for $20,000 to buy a used van for the Police Department. Revenue projections for the Lower Income Housing Fund are being reduced by $136,440, and revenue projections in the Downtown Parking Fund are being increased by $45,000. Both adjustments are being made based on information that became available subsequent to the Midyear review. 3 SR97176