Title
Staff Report for the 2014-15 Budget Amendment Reflecting Projected Budget Adjustments to the Successor Agency to the Redevelopment Agency
Staffreport
SUMMARY AND RECOMMENDATION
Staff recommends that the City Council review and accept the 2014-15 Budget Amendment reflecting projected budget adjustments, and adopt a resolution approving the 2014-15 Budget Amendment to the Successor Agency to the Redevelopment Agency.
BACKGROUND
On June 3, 2013, the City Council adopted the City’s first biennial budget for 2013-14 and 2014-15. The two-year budget reflects the vision of the City Council and supports the goals re-established by the Council on February 1, 2014. The two-year budget process requires an update to fiscal year 2014-15 based on changes that occurred over the last 12 months.
Budget Adjustments
The 2014-15 projected budget adjustments fund summary is reflected on Attachment 1 of the corresponding resolution. Likewise, the projected 2014-15 detail adjustments by fund and by division are summarized on Attachment 2 of the resolution.
Current Agency Policies
• The City Council approves all adjustments to the City’s revenue and expenditure appropriations.
Previous Actions
• City Council adopted the 2013-15 Biennial Budget on June 3, 2013.
Fiscal Impacts
The total increase in the 2014-15 projected revenue is $11,647, and projected increased expenditures of $6,014 for the Successor Agency to the Redevelopment Agency. The projected fund balance at the end of 2014-15 is $4,631,987. (Refer to Resolution attachments 1 and 2)
ATTACHMENTS
Attachments to Resolution
• Attachment 1 - Budget Adjustments Summary
• Attachment 2 - Budget Adjustments Expenditure Detail
PREPARED BY: David Baum, Finance Director, Finance Department