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CITY OF SAN LEANDRO <br />MEMORANDUM <br />DATE: January 20, 2012 <br />TO: Finance Committee <br />FROM: Lianne Marshall, Interim City Manager <br />BY: Jim O'Leary, Interim Finance Director <br />SUBJECT: Receive Mid -Year 2011 -12 Budget Amendment <br />SUMMARY AND RECOMMENDATION <br />Staff recommends that the Finance Committee review and approve the Mid -Year 2011 -12 <br />Budget Amendment. <br />BACKGROUND <br />The City Council approves annual budgets based on the best revenue and expenditure <br />information available several months prior to the actual adoption of budget appropriations. As a <br />result, budget adjustments are periodically necessary for changes that arise and require additional <br />budget appropriations or re- appropriations between budget line items. The City Council <br />approved the current 2011 -12 General Fund, Special Revenue Funds, Enterprise Funds, and <br />Internal Service Funds Budget on June 6, 2011. <br />DISCUSSION <br />The mid -year 2011 -12 financial update through December 31, 2011 for the General Fund, <br />Special Revenue Funds, and Enterprise and Internal Service Funds is being provided to the <br />Finance Committee in a separate report for review. The attached summary of budget <br />adjustments reflects budget activity recorded by the Finance Department over the first six - <br />months of 2011 -12. The proposed amendment adjustments are summarized including the fund, <br />the sources of additional revenues or transfers, and the purpose of new expenditures or transfers. <br />The total change in the projected ending fund balance for the General Fund amounts to <br />$286,200. The transfer of PEG funds to the Special Revenue Fund ($180,900) effects fund <br />balance and does not reflect a true General Fund budget expenditure. New General Fund <br />revenues amount to $76,000, leaving about $100,000 in unfunded new General Fund <br />expenditures. <br />Asset Seizure Fund appropriations for projects ($41,800) are funded by existing revenues. All of <br />the Special Grant Fund projects ($942,600) in the budget amendment are funded by newly <br />approved grants ($756,600) and previously approved grant funds. <br />