HomeMy WebLinkAbout4.06 1993-94BudgetModifArtXIII-B
e
..
CITY OF DUBLIN
AGENDA STATEMENT
CITY COUNCIL MEETING DATE: June 13, 1994
SUBJECT: 1993-94 Budget Modification with Regard to Article XIII
B of the State constitution
tI9 (Prepared by: Paul S.. Rankin, Assistant city Mgr)
EXHIBITS ATTACHED: None
RECOMMENDATION:I1.WAuthorize Staff to appropriate any Revenues in excess
\UU'~ of Budgeted Expenditures as of June 30, 1994, to
\ Reserves..
FINANCIAL STATEMENT:
This report and action will simply provide that
all revenues received in excess of eXPenditures
are appropriated.. Actual amounts will be
identified .after the books are closed and all
accruals have been made..
DESCRIPTION: This report requests authorization for all revenues
received in excess of expenditures to be appropriated.. The actual amounts
involved will be determined at the close of the Fiscal Year.. In accordance
with the City Council Budget study Session on March 2, 1994, any 1993/94
OPerating Surplus was to be reserved to address economic uncertainty that
may result from the state of California budget deliberations..
The state constitution limits the amount of appropriations which are made
from the "Proceeds of Taxes".. The City is currently well below the maximum
Appropriations Limi t.. The methodology for accounting for appropriations
which will be Subject to the Limit, allows funds to be appropriated to
Reserves.. When the Reserve Funds are eventually used they would not be
Subject to the appropriations limit in the year that they were used, since
they had been previously "appropriated" under the liait authorized in a
prior year.
The specific action requested in this report is for the city Council to
authorize the appropriation of All excess revenues to Reserves. This will
preclude the need for the city Council to take any further action to
account for differences between the estimates and the actual final Fiscal
Year 1993/94 revenues and expenditures. In taking this action the City
council acknowledges that the appropriation of excess revenues is a setting
aside of the funds into a Reserve for Economic Uncertainties as well as
various projects or expenses that require more than one year to complete..
staff recommends that the city council authorize the appropriation of any
or all excess revenues to reserves in conformance with this report.
ITEM NO.
COPIES TO:
CITY CLERK
FILE ~