HomeMy WebLinkAbout4.02 BudgetModifArticleXIIIB
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CITY OF DUBLIN
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: June 28, 1993
SUBJECT:
1992-93 Budget Modification with Regard to Article
XIIIB of the State's Constitution (Prepared by
Stan Stephens, Finance Consultant)
EXHIBITS ATTACHED:
Budget Change Form
RECOMMENDATION:
~
Receive Report
Authorize appropriation of $121,351 for
interest expense in Fund 715 - Dublin Blvd.
Extension Assessment Fund
Authorize Staff to appropriate any revenues
in excess of Budgeted Expenditures as of June
30, 1993 to reserves for projects or expenses
which require more than one year to complete.
See below; this report and action simply provide
that all revenues received in excess of the
current year's budget are appropriated.
3.
1 .
2.
FINANCIAL STATEMENT:
General Fund
Special Revenue Funds
Special Assessment Funds
Construction Funds
Enterprise Fund
Internal Service Fund
Total
Revised
Estimated
Revenues
$13,151928
2,221,265
480,943
69,161
1,718,970
158.594
$17,800,861
Budgeted
Exoenditures
$13,496,894
2,374,299
433,628
819,832
1,744,650
294.041
$19,163,344
Difference
$ (344,966)
(153,034)
47,315
(750,671)
(25,680)
(135.447)
$(1,362,483)
DESCRIPTION: At the close of each fiscal year, Staff prepares a
report comparing Estimated Fiscal Year Revenues to Budgeted Expenditures.
Article XIIIB, Section 2 of the California Constitution states in part that
"Revenues received by any.. .City.. .in excess of that amount which is
appropriated by such entity... shall be returned..." To assure that all
revenues have been lawfully appropriated, Staff recommends approval of
specific adjustments.
Based on Dublin'S May 31, 1993 Financial Report, with one exception, the
grouping of revenue and expenditures by fund groups shown above comply with
this provision of the Constitution. The Special Assessment Funds currently
show Revenues exceeding budgeted Expenditures. The 1992/93 Fiscal Year
Budget was prepared and adopted prior to the finalization of debt service
schedules for the Dublin Boulevard Extension Assessment District. An
appropriation of $121,351 for interest expense is required in the Dublin
Boulevard Extension Assessment Fund. That amount has been expended (and
was funded) in the current fiscal year, but was not previously
appropriated. Staff has prepared a budget change form for City Council
approval. This will correct the imbalance of Revenues exceeding budgeted
Expenditures.
To comply with Article XIIIB, Staff also recommends that the City Council
specifically appropriate the above described funds (excess revenues); and
further appropriate any additional excess revenues in any and all funds,
should they occur by fiscal year end. By doing so, the City Council
acknowledges that said appropriation of excess revenues is a setting aside
of the funds for various projects or expenses that require more than one
year to complete.
As described, Staff recommends that the City Council: 1) approve the
additional Appropriation for the Dublin Boulevard Assessment District and
2) authorize the appropriations of any or all excess revenues to reserves
for future projects.
SS/lss a:628BudgM.agenda#12
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ITEM NO.
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CITY OF DUBLm
BUDGET CHANGE FORM
CHAJlGE FORB: ....1L-
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~ budget change
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TOTAL BOOOET D~
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TOTAL BUDGET DlCREASES $
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REASONS, JUSTIFICATION, ~~ IT~~ZED COSTS:
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CITY M.lUIAGER
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CITY comlCIL
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