RES 94042 - Laserfiche WebLink

C Pleasanton S REPOR r 6 A Finnnee Department April 5, 1994 SUBJECT: Second Quarter 199394 Fmancial Report and Midyear Review STAFF RECOMMENDATION: Staff recommends that Council adopt the attached resolution which amends the 1993-94 Operating and Capital lmpwvement Budgets as follows: 1. Amend the Operating Budget, as outlined in Appendix A, to reflect: An increase in revenue projections by $1,575,254 from $55,152,468 to $56,727,722; an increase in expenditure appropriations by $256,870, from $52,705,043 to $52,961,913 and a net increase in tran.qfers- out by $65,408. 2. Amend the Capital Improvement Budget, as detailed in Tables 1-5 in Appendix E, m reflect: A decrease in revenue projections by $213,098, from $7,601,901 to $7,388,803; an increase in expenditure appropriations by $1,992,135, from $18,80:L440 to $20,794,575; and a net increase in transfers-in by $430,318, from $4,852,240 to $5,282,558. 3. Reallocate funding sources for the remaining expenditures for the Harvest Park Gym, the Operations Service Center and the Senior Center, among the 1988 COP proceeds, the 1991 COP proceeds, and the General Fund Capital Project Fund, so that the COP (Certificates of Participation) proceeds are experttied before the General Fund dollars. SUMMARY: Each quarter a report of f'mancial condition is presented to Council which includes any staff recommendations for budget amendments and technical corrections or actions needed. This is the second quarterly report for the fiscal year 1993-94. Additionally, since the end of the second quarter marks the midyear point, and because of current budgetary constraints resulting from the recession in California and the State budget crisis, staff performed a more thorough "Midyear Review." SR 94:100 1