HomeMy WebLinkAboutItem 6.2 Budger Modifications (2) CITY OF DUBLIN
AGENDA STATEMENT
MEETING DATE: June 27 , 1983
SUBJECT 1982-83 Budget Modifications
EXHIBITS ATTACHED None
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RECOMMENDATION See Below
FINANCIAL STATEMENT: Estimated Revenues in Excess of Appropriations -
$1 ,017 , 504
DESCRIPTION Article XIII 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 fee
schedules within the next two subsequent fiscal years".
Staff has estimated that revenues in excess of 1982-83 appropriations for
Fiscal Year 1982-83 will be approximately as follows :
General Fund $ 651 ,630
State Gas Tax Fund 184,750
County Gas Tax Fund 28,000
Revenue Sharing Fund 153 , 124
$1 0 17—,704
As 'you know, the proposed 5 year Capital Improvement Program identifies
only those capital needs which Staff is aware of at this time . It is also
quite possible that additional capital improvements may be necessary in
future years , which are not presently included in the Capital Improvement
Program. These needs are well in excess of the City ' s current fiscal
resources and will require a combination of the City ' s reserves and
revenues to finance . It is also important to note that the City' s reserves
are also an important source of revenue for the City. For 1983-84
approximately $250 ,000 in interest revenue will be generated by those
reserves .
RECOMMENDATION
Given the fact that the City ' s organization has not yet been completed , the
City will need reserves for future capital improvements , and reserves
generate revenue . It is Staff ' s recommendation that the City appropriate
those funds remaining as of June 30, 1983 to the Street Improvement
Reserves in the General , State Gas Tax and County Gas Tax Funds ; and to a
reserve for future anticipated projects in the Revenue Sharing Fund. If
the City Council takes this action, the City ' s total reserves as of
June 30 , 1983 are estimated at $2 , 528 , 969 , as indicated in the 1983-84
Preliminary Budget .
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