Finance Highlights 2009 0317 - Laserfiche WebLink

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P TO: Finance Committee VIA: Perry Carter, Interim Finance Director FROM: Christine Galvin, Sr. Accountant ~q SUBJECT: Recommended Mid-Year Adjustments to the F.Y. 2008-09 Budget RECOMMENDATION Staff recommends Finance Committee approval of the attached F.Y. 2008-09 mid-year budget amendments for forwarding on to the full City Council. The amendments to the budget. reflect activities previously approved by Council and other mid-year recommended adjustments to be approved by formal budget resolution. DISCUSSION Attached for your review are Schedules A, and B which provide both summary and detail information regarding mid-year budget adjustments for fiscal year 2008-09. 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 and then to bring those changes to the City Council at mid-year. Mid-Year budget adjustments for 2008-09 total $3,345,545 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 March 17, 2009 Finance Committee meeting to respond to questions.