HomeMy WebLinkAboutItem 4.6 Budget Modifications 1985-86 CITY OF DUBLIN S36 -2-,O
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: June 23, 1986
SUBJECT 1985-86 Budget Modifications
EXHIBITS ATTACHED None
RECOMMENDATION Authorize appropriation of 1985-86 unappropriated
revenues to each Fund' s Reserve for Authorized
���(((//J Projects
FINANCIAL STATE14ENT: Revenues in excess of appropriations estimated at
$4 , 525, 970
DESCRIPTIOPd Article XL B. Section 2 of the State Constitution
states that "revenues received by an entity of government in excess of that
amount which is appropriated by such entity -in compliance with this Article
during the fiscal year shall be returned by a revision of tax rates or fec_
schedules within the nest two subsequent fiscal years" .
At this time, Fiscal Year 1985-86 revenues are estimated to be in excess of
1985-86 Appropriations by approximately $4 , 525, 970 . The substantial
difference between revenue and expenditures is primarily attributable to :
1 . Issuance of Certificates of Participation for Civic Center and only
partial appropriation of proceeds during Fiscal Year 1985-86 .
2 . Increased collection of fees for services associated with substantial
development activity.
3 . Increased state and federal subventions .
Since the excess revenue figure is only an estimate and could vary at the
time that the City ' s accounting ledgers are closed for Fiscal Year 1985-86,
it is recommended that the City Council appropriate those unappropriated
revenues at the end of the Fiscal Year 1985-86 to each respective Fund' s
Reserve for Authorized Projects . This action will enable the City to -
continue to undertake those projects identified in the City ' s Five-Year
Capital Improvement Program.
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COPIES TO:
ITEM 1,10. ® -
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