HomeMy WebLinkAboutR-10863 Approving changes to the 2017-18 BudgetRESOLUTION NO. 10863 (2018 Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, APPROVING CHANGES TO THE 2017-18
BUDGET
WHEREAS, the City Council adopted the 2017-18 Financial Plan on June 20, 2017, which
established comprehensive financial and policy guidelines for fiscal years 2017-18 and 2018-19;
and
WHEREAS, in accordance with the City's Budget and Fiscal Policies, staff has completed
a review of the city's revenue and expenditure trends and has developed revised budget amounts
which are explained and compiled in the Mid -Year Budget Review;
and
WHEREAS, the City Manager has recommended the approval of budget amendments
summarized in Exhibit A.
and
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis Obispo
that:
a) The revised revenue and expenditure forecast amounts for the 2017-18 identified in the
Mid -Year Budget Review presented on this date are hereby adopted as the revised budget
for 2017-18.
Upon motion of Vice Mayor Christianson, seconded by Council Member Rivoire, and on the
following roll call vote:
AYES: Council Members Gomez, Pease, and Rivoire,
Vice Mayor Christianson and Mayor Harmon
NOES: None
ABSENT: None
The foregoing resolution was adopted this 201h day of February 2018.
— 1,-"L /,-/
Mayo Hei i Harmo
)/ Y
ATTEST:
Carne Gallagher, City Clerk
R 10863
Resolution No. 10863 (2018 Series)
APPROVED AS TO FORM:
�Khristine Dietrick
City Attorney
Page 2
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the City
of San Luis Obispo, California, this � 8k/2 day of , 'n'01 R
Carrie Gallagher
City Clerk
R 10863
Resolution No. 10863 (2018 Series)
EXHIBIT A
BUDGET AMENDMENTS
Page 3
Fiscal Year 2016-17 Mid -Year Adjustment Requests
Department/
Budget
Adjustment
Council Action Requested
Fund
Action
Amount
General Fund
Decrease in
($312,000)
Approve decrease in revenue due to; sales tax
Revenue
decline of $607 thousand, offset by increase in
property tax, property tax in lieu of VLF, and
franchise fees of $195 thousand, $44 thousand,
and $56 thousand respectively.
Fire
Increase in
$1,500,000
Approve increase to revenue due to recognition
Revenue
for Mutual Aid Reimbursement revenue.
Fire
Increase in
$1,200,000
Approve increase to expenditures due to
Expenditure
recognized expenses for Mutual Aid
Reimbursement.
Development
Change to
($382,000)
Approve designation re-classification of fund
Services
Fund Balance
balance to development services due to incorrect
classification at 2016-17 fiscal ear end close. .
Total
($394,000)
General
Fund
Law
Increase in
$90,000
Approve correction to original budget of $75
Enforcement
Expenditure
thousand and $15 thousand based on updated
Grants Fund
grant receipt information. Corresponding revenue
was recognized with the original adopted budget
less $8,500 adjustment shown below.
Law
Increase in
$8,500
Approve increase revenue due to updated
Enforcement
Revenue
information based on grant receipt.
Grants Fund
Total Law
($81,500)
Enforcement
Fund
Water
Increase in
$400,000
Projections for water development impact fees
Revenue
which were budgeted conservatively, are being
increased to reflect revenue received through
December. This is a positive impact to fund
balance.
Sewer
Increase in
$129,000
The budget for sewer development impact fees is
Revenue
being increased to reflect revenue received as of
December. This is a positive impact to fund
balance.
Parking
Increase in
$891,000
Approve increase to revenue due to rate increases
Revenue
implemented after budget adoption. This is a
positive impact to fund balance.
Public Works
Increase in
$1,288,000
Approve Farmers Market Security Bollards
CIP
Capital Improvement Project detailed on page A -
Ex enditure
11 of the report.
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