8E Consent 2010 0301 - Laserfiche WebLink

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CITY OF SAN LEANDRO AND REDEVELOPMENT AGENCY STAFF REPORT DATE: March 1, 2010 TO: Stephen L. Hollister City Manager/Executive Director FROM: Perry Carter Interim Finance Director/Interim Treasurer APPROVED AND FORWARDED TO CITY COUNCIL/ REDEVELOPMENT AGENCY Stephen L. Hollister City Manager/Executive Director SUBJECT: MATTER OF MID-YEAR BUDGET ADJUSTMENTS TO THE CITY OF SAN LEANDRO AND REDEVELOPMENT AGENCY BUDGETS FOR FISCAL YEAR 2009-10 SUMMARY AND RECOMMENDATION: Staff recommends adoption of the two attached resolutions approving mid-year budget adjustments to the City of San Leandro and Redevelopment Agency budgets for fiscal year 2009- 10. BACKGROUND On January 27, 2010 staff reviewed, with the Council Finance Committee, recommended mid-year adjustments to the City and Redevelopment Agency 2009-10 budgets. A copy of the report to the Finance Committee is attached for Council's review. There are two key schedules contained in the Finance Committee report. The first, Schedule A, summarizes net (revenue and expenditure) adjustments by fund. The second, Schedule B, provides detail revenue and expenditure adjustment information for each fund. The Finance Committee reviewed the report and approved forwarding to the City Council for adoption. A review of Schedule A shows that the majority of adjustments are to budgeted revenues. This is due, in part, to the City's routine budget practice of generally establishing/adjusting revenues for grant and capital improvement funds at the mid-year point. In addition to revenue adjustments, staff is also recommending adjustments to budget for various expenditure accounts. Schedule B shows the recommended adjustments (both revenue and expenditure) to individual budget accounts by fund. If there is a net expenditure adjustment recommended for a fund, as shown by a bracketed total for that fund, then fund balance is the source of funding. In all cases where a net expenditure adjustment is recommended, there is sufficient fund balance to fund the increased expenditure budget.