HomeMy WebLinkAbout02/28/1995, 1 - MID-YEAR BUDGET REVIEW (2) MEETING DATE:.
city of San Luis OBIspo �J, . .
COUNCIL AGENDA REPORT � NUMBER: /
FROM: John Dunn, City Administrative Officer Lj:
Prepared by: William C. Statler, Director of Financ
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Linda Asprion, Revenue Manager
SUBJECT: MID-YEAR BUDGET REVIEW
CAO RECOMIVIEENDATION
1. Consider mid-year budget review for 1994-95. .
2. Approve mid-year budget requests for operating programs in the amount of $166,700
for 1994-95 summarized as follows:
Disaster Response Costs $ 64,700
Solid Waste Franchise Renewal Consultant Services 30,000
Increased Program Participation & New
Training Requirements in Childcare 47,500
Computer Mapping Project 7,600
Support Services Reorganization 2,200
Ethernet Migration at 955 Morro, City Hall
and Police Station 14,700
TOTAL $166,700
3. Approve mid-year budget request for capital improvement plan projects and equipment
replacements in the amount of $1,356,800 summarized as follows:
Fire Department Emergency Communication System $ 95,000
Street Light Acquisition Services 35,000
Marsh Street Reconstruction and Storm Drain
Improvement 5607000
Islay Hill Park Fee Refunds 186,000
Pick-up Truck and Mower for New Park Maintenance 35,000
Parks and Recreation Office Building 151,000
Replace/Upgrade File Servers at City Hall, Corporation
Yard and Park & Recreation Administration Office 34,800
Acquisition of Propertyat 860 Pacific 235,000
New Parking Lot at Palm and Morro 25.000
TOTAL $1,356,800
DISCUSSION
The City's two-year Financial Plan provides for the submittal of a report on the financial status
of the City to the Council every six months. Although quarterly financial reports are
distributed to the Council on an ongoing basis, the formal submittal of a review at the mid-
point of the fiscal year provides an opportunity to identify and present any fiscal problem areas
to the Council and to recommend corrective action or additional funding if required.
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COUNCIL AGENDA REPORT
Accordingly, the enclosed Mid-Year Budget Review document has been prepared in order to
present a summary of the City's financial position at the mid-point of the Fiscal Year 1994-95,
and to provide projections of the City's financial position at the end of the 1993-95 Financial
Plan period compared with original budget estimates. The report document includes a
transmittal memorandum which provides a comprehensive review and analysis of the City's
financial position.
REPORT ORGANIZATION
The Mid-Year Budget Review document for 1994-95 is organized into the following four
sections:
Section A - Transmittal Memorandum
The Transmittal memorandum provided in this section comprehensively discusses the City's
financial position at the mid-point of the fiscal year, and highlights significant trends and
concerns.
Section B - Excerpt from the December Quarterly Financial Report
The Quarterly Financial Report (QFR) for December 1994 has been previously distributed to
the Council. For reference purposes, the transmittal memorandum from the December QFR
along with changes in fund balances and operating program revenue and expenditure
summaries have been provided in this section of the Mid-Year Budget Review document.
Section C- Financial Condition Summary
This section summarizes the City's financial condition at the mid-point of the fiscal year and
projects the City's ending financial position at compared with original budget estimates. This
section is organized into four major parts:
■ Revenues. Summary of actual revenues for 1993-94 and a comparison of current
projections for 1994-95 with original budget estimates.
■ Operating Budget. Summary of the current operating budget by function and program
for 1994-95 based on the original budget as adopted by the Council,
encumbrances/carryovers, approved changes, and mid-year budget requests.
■ Capital Outlay Budget. Summary of capital outlay budgets by fund which reflects the
1994-95 original budget, encumbrance/carryover amounts from 1993-94, approved
budget amendments, and mid-year adjustments.
■ Changes in Fund Balances. Summary of actual revenues, expenditures, and changes
in fund balance for 1993-94 for each of the City's operating funds and a comparison
of current projections for 1994-95 compared with original budget estimates based on
the revised revenue projections and recommended expenditure changes.
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COUNCIL AGENDA REPORT
Section D - Arid-Year Budget Requests
This section contains the operating budget mid-year requests totaling $166,700, and the capital
improvement plan and equipment replacement fund mid-year requests totaling $1,356,800.
SUMMARY '
The Mid-Year Budget Review for Fiscal Year 1994-95 has been prepared in order to present
the Council with a formal review of the City's financial condition at the mid-point of the fiscal
year. It is recommended that the Council consider the Mid-Year Budget Review report for
1994-95 and approve the mid-year budget requests.
ATTACHMENT
Mid-Year Budget Review for 1994-95
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