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<br />CITY OF SAN LEANDRO <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />January 10, 2005 <br /> <br />TO: <br /> <br />Finance Committee <br /> <br />VIA: <br /> <br />Jesse Baloca, Finance Director <br /> <br />FROM: <br /> <br />Mary Mc Carthy, Deputy Finance Director <br /> <br />SUBJECT: <br /> <br />Recommended Mid-Year Adjustments to 2004-05 Budget <br /> <br />RECOl\1MENDATION <br />Staff recommends Finance Committee approval of$I,251,406 in Expenditure Budget Adjustments <br />and $26,162,848 in Revenue Budget Adjustments as summarized and detailed in the attached <br />Schedules A and B. <br /> <br />DISCUSSION <br />The projected General Fund balance for Undesignated funds and Economic Uncertainty and Major <br />Emergencies as of June 30, 2005 is $10 million. The adopted budget includes a $3.2 million draw <br />on the use of Economic Uncertainty reserves to cover public safety cost increases in 2004-05. The <br />projected reserves available for economic uncertainties and emergencies as of June 30, 2005 are <br />$9.8 million, or 14% of the General Fund opdrating expenditures. Additional cost containment <br />and/or use of reserves must be planned to offset the loss of revenue anticipated with the passing of <br />Measure DD ($3.5 million) or the general fund reserves will be further depleted. <br /> <br />Since the December 16, 2004 Finance Committee meeting, Schedules A and B were modified to <br />include an additional request for appropriation of $125,500 for the continued operation of the <br />Manor Branch library budget for nine months of fiscal year 2004-05. When the current budget was <br />proposed the assumption was that the Manor Branch would close for the construction of the new <br />building on July 1, 2004. As per direction from the Finance Committee, additional detail has also <br />been provided on Schedule B for selected funds. <br /> <br />Schedule A: Fiscal Year 2004-05 Budget Adjustment Detail provides detail of the individual <br />expenditure and revenue budget adjustments and the proposed change to fund balance and/or <br />retained earnings. <br /> <br />Schedule B: Summary of Revenues, Expenditures and Fund Balance provides a summary by fund <br />of the recommended revenue and expenditure adjustments and the estimated year-end fund <br />balances and/or retained earnings for the first quarter of fiscal year 2004-05. <br /> <br />G:\FINCOMM\2004-05 Mid-year Adjustments <br />