Finance Highlights 2009 0120 v2 - Laserfiche WebLink

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CITY OF SAN LEANDRO MEMORANDUM DATE: January 15, 2009 TO: Steve Hollister, City Manager FROM: Perry Carter, Interim Finance Director SUBJECT: Year End Budget Adjustments for Fiscal Year 2007-08 Attached for your review are Schedules A, and B which provide both summary and detail information regarding year end budget adjustments for fiscal year 2007-08. During the course of the fiscal year various events occur which require budget recognition. For example, grant revenues may be received which were not included in the original budget, emergency expenditures may be required, expenditures may be made from restricted funds or Council may have given direction to the City Manager. In addition, Capital Improvement Projects (CIP) may have been approved with the appropriation to follow. It has been the long-standing practice of the City Council for the City Manager to authorize such budget changes during the year and then to bring those changes to the City Council at the end of each fiscal year upon completion of the annual audit. Budget adjustments for 2007-08 total $1,130,707 and are from several funds, as shown on Schedule A. Schedule B provides specific budget adjustment information for each fund. Staff will be available at the January 20, 2009 Finance Committee meeting to respond to questions. If the Finance Committee approves of the budget adjustments, then staff will request that the Finance Committee forward the recommended budget adjustments to the full City Council for approval.