HomeMy WebLinkAboutr 10538 Approve 2013-15 Financial Plan Supplement 2014-15 Budget and 2013-14 ChangesRESOLUTION NO 10538 (2014 Series)
A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS OBISPO
APPROVING THE 2013 -15 FINANCIAL PLAN SUPPLEMENT AND ADOPTING THE
2011 -15 13UDGET AND THE CARRYOVER OF CERTAIN UNSPENT
APPROPRIATIONS ALONG WITH RECOMNMENDED CHANGES TO THE 2013 -14
BUDGETS OF VARIOUS FUNDS
WHEREAS the City Council adopted the 2013-15 Financial Plan on June 17 2013
which established comprehensive financial and policy guidelines for fiscal years 2013-14 and
2014 -15 and
WHEREAS the 2013 -15 Financial Plan included appropiiations for fiscal year 2013 -14
and
WHEREAS the City Council has reviewed proposed changes to the 2013 -15 Financial
Plan to be effective for fiscal year 2014 -I5 after holding noticed public hearings and
WHEREAS the City Manager submitted the 2013 -15 Financial Plan Supplement and
Revised 2014 -15 Budget to the City Council for their review and consideration and
WHEREAS the City s Budget Policy provides for the carryover of unspent Capital
Project appropriations amounts encumbered at the end of each fiscal year and the carryover of
non- staffing operating costs in the first year of each two year financial plan period and
WHEREAS through the analysis used to develop current estimates reflected in the
Revised 2014 -15 Budget staff identified a number of changes that are required for the 2013 -14
budget in order to reflect current revenue and expenditure trends as shown in E\hibit A to this
resolution which is incorporated by reference herein and
WHEREAS the cost of financing the Los Osos Vallev Road /101 Interchange overpass is
an eligible cost of the Traffic Impact Fee program while the total cost of the debt service will be
borne initially by the General Fund
NOW, THEREFORE, BE IT RESOLVED that the Council of the City of San Luis
Obispo hereby finds and directs
I That the above recitals are true and correct
2 That the 2013-15 Financial Plan Supplement and the 2014 -15 Budget is hereby
adopted
3 Public Art Funding shall be provided at the rate of 1% of eligible city- sponsored
capital projects
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Resolution No 10538 (2014 Series)
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4 That the budget adjustments shown in Exhibit A provided as an attachment to this
resolution are hereby approved for those funds
5 That all unspent capital project appropriations amounts encumbered as of June 30
2014 and unspent non - staffing costs that are eligible to be carried forward into 2014-
15 in accordance with the City s Budget Policy shall be reflected in the 2014 -15
budget at the earliest opportunity and such amounts shall be reported to the City
Council during the Mid -Year budget update
6 The Traffic Impact Fee Fund shall reimburse the General Fund for 100% of the cost
of the debt service for the Los Osos Valley Road /I01 Interchange overpass borrowing
and up to 50% of the cost of the debt service in the following two years with future
reimbursements subject to further review by the City Council
7 That the Director of Finance shall take all necessary steps to implement these actions
as soon as practical
Upon motion of Council Member Ashbaugh seconded by Vice Mayor Christianson and on
the following roll call vote
AYES Council Members Ashbaugh Carpenter and Smith
Vice Mayor Christianson and Mayor Mar\
NOES None
ABSENT None
the foregoing resolution was adopted this 17°i day of June 2014
APPROVED AS RM
1
i
Chnsune Dietnck
City Attorney
Resolution No 10538 (2014 Series)
Page 3
EXHIBIT A
Water Enterprise Fund Inereasel(Decrease)
Revenues
Other Revenues S 1,430
Expenses
Leave Pavouts S 70,200
CJPIA Retrospective Charge* S 37,607
SeNer Enterprise Fund
Revenues
Proceeds from Debt S7,249,000
This adjuynnem tecognr -es the aniotmt bottowed m Octobel for the construction of enegry
efficiency nnpiovementy at the 1Vatei Reclamation and Recovery Facility
Expenses
CJPIA Retrospective Charge* S 38,653
Parkme Enterprise Fund
Expenses
CJPIA Reaospecnve Charge* S 11,798
Transit Enterprise Fund
Revenues
Capital Grant Sources S(488,958)
Thty adjustinent lowers the amount of capital giant i etienites based on new mfoi matron received
since the Alid -Year budget adjustments wet e p epared
Expenses
CJPIA Retrospective Charge* S 2,616
Whale Rock
Expenses
CJPIA Retrospective Charge* S 4,709
CDBG Fund
Other Sources (transfer -in) S 2,200
This adjustment iecognr-es an increase to the General Fund's nansfet in amount which is
needed to eliminate a f otd deficit that at ose in the pi rot year
Public Art Fund
Revenues
In -Lieu Fees
S (20,000)
Resolution No 10538 (2014 Series)
Page 4
This acijustment lower v the fee estrn ate to the expected value for the cini em yeat
*The CJPIA retrospective charge represents the allocated portion of the retrospective charge that
was calculated by the California Joint Powers Insurance Authority as the result of their most
recent review of the workers compensation and hability claims status through 2011-12
General Fund
Other Uses (o ansfet out) S 2,200
This ad usnnent recognr -es an increase to the Genet al Fund s transfet out to the CDBG fiord to
match the n ansfer in shown above