HomeMy WebLinkAbout09/07/1999, C3 - USE OF DOWNTOWN ASSOCIATION FUND BALANCE council
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CITY OF SAN LU IS O B I S P O
FROM: Deborah Holley, Administrator
SUBJECT: USE OF DOWNTOWN ASSOCIATION FUND BALANCE
CAO RECONIMD�DATION:
To appropriate the amount of$2,993 from the Downtown Association fund balance to.cover unanticipated
expenditures for 1998-99 fiscal year.
DISCUSSION
After reviewing the end of year budget report,it was realized that revenue in two categories fell short of
projections coupled with overages of expenditures in two categories. To balance the budget, it will be
necessary to use the amount of$2;993 available in the Downtown Association Fund Balance to provide
the additional funding. Specifically, in the categories of revenue, the following line items came in under
projection: Service charges ($970.00) and Credit Card Fees (not budgeted$321.00) for a total loss of
revenue of$1291.00 and in the categories of expenditures: Taste of San Luis (-$1977: 00), Holidays
(-$1721). Note:. The total of these items exceeds the$2,993 being transferred due to the difference being
covered by the existing budget.
In addition, it was recommended by Board President Mike Stanton that the Downtown.Association seek to
return the transfer in the upcoming fiscal year'if possible.
CONCURRENCES-
This
ONCURRENCES-This action was approved by the Downtown Association Board of Directors in August, 1999.
FISCAL IMPACT
The Downtown Association is financially independent of the City of San Luis Obispo and will use its own
reserves to balance the budget.
CM