SR 05:018 - Laserfiche WebLink

THE CITY OF pL£AS&NTON 6F City Council Staff Report Finance Department January 4, 2005 SUBJECT: FIRST QUARTER 2004-05 FINANCIAL REPORT (OPERATING BUDGET) STAFF RECOMMENDATION: Staff recommends that Council adopt the attached resolution which amends the 2004-05 Operating Budget as follows: SUMMARY: Amend the Operating Budget, as outlined in Appendix A to: a) Reflect the 2003-04 revenue and transfer projection carryovers previously approved by Council totaling $319,901; b) Reflect the 2003-04 expenditure carryovers previously approved by Council totaling $9,159,088; c) Reflect other Budget amendments for 2004-05 already approved by Council including transfers-out of $770,500 to the CIP, and expenditure appropriations of $3,000. d) Update the beginning 2004-05 fund balances from projected to actual 2003-04 ending fund balances; and e) Approve a correction to the 2003-04 carryovers to include the State's "HELP" housing down payment program funding ($450,000) and City Lower Income Housing matching funds ($160,000), for a total appropriation of $610,000, as was originally approved by Council in October 2003. Each quarter a report of financial condition is presented to Council that includes any staff recommendations for budget amendments and technical corrections or actions needed. This is the first quarter report for Fiscal Year 2004-05. The first quarter report is routine in nature, reflecting an update of beginning fund balances; some minor requested budget amendments; carryovers already approved by Council from the previous year; and other changes that have already been approved by Council. This report includes the Operating Budget only. The Capital Improvement Program (CIP) update will be presented to the Council in the near future. 1 SR05:018