HomeMy WebLinkAbout09/16/2003, C10 - DOWNTOWN ASSOCIATION END OF YEAR BUDGET ADJUSTMENT counciL
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CITYOF SAN LUIS O B I S P O
FROM: �eborah Cash,Administrator
SUBJECT: DOWNTOWN ASSOCIATION END OF YEAR BUDGET
ADJUSTMENT
CAO RECOMMENDATION
Approve request to appropriate $12,300 from the Downtown Association Fund Balance of
$69,514 to cover expenditures which exceeded projections for the 2002-03 year.
DISCUSSION
The Downtown Association Board of Directors approves a projected budget each year in March
prior to the end of that fiscal year. Based on performance indicators of previous years, the figures
submitted for 2002-03 seemed in keeping with the trend of fairly steady increasing revenues and
expenditures. However, several factors occurred after the fiscal year was well underway that
created a deficit including:
1. departure of Promotions Coordinator and hiring of replacement requiring an overlap period
and payout of vacation income that were not budgeted;
2. four rainouts at Farmers Market resulting in total loss of income for those dates;
3. outstanding receivables;
4. increased insurance and employee(PERS) expenses.
FISCAL IMPACT
As the Downtown Association is self-funded through its own revenue sources and is entirely
separate from the City's budget, the overage will be covered by the Association's Fund Balance and
will not impact the general fund.
ALTERNATIVES
None.
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