Laserfiche WebLink
City of San Leandro <br />Meeting Date: March 5, 2012 <br />Staff Report <br />File Number: 12 -094 Agenda Section: CONSENT CALENDAR <br />Agenda Number: 8.J. <br />TO: City Council <br />FROM: Chris Zapata <br />City Manager <br />BY: James O'Leary <br />Interim Finance Director <br />FINANCE REVIEW: James O'Leary <br />Interim Finance Director <br />TITLE: Staff Report for Resolution Approving a Budget Amendment Reflecting <br />Mid -Year Adjustments to the City of San Leandro Budget Fiscal Year 2011 -12 <br />N* is]JiIJiI;10IIL ,II[a]0K <br />The Finance Committee recommends that the City Council approve the budget amendment <br />reflecting mid -year adjustments to the 2011 -12 City budget. <br />DISCUSSION <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 the budget appropriations. <br />As a result, budget adjustments are periodically necessary for changes that arise and require <br />additional budget appropriations or re- appropriations between budget line items. The City <br />Council approved the current 2011 -12 General Fund, Special Revenue Funds, Enterprise <br />Funds, and Internal Service Funds Budget on June 6, 2011. <br />The mid -year 2011 -12 financial update report through December 31, 2011 for the General <br />Fund, Special Revenue Funds, and Enterprise and Internal Service Funds was provided to <br />the Finance Committee at their meeting on January 20, 2012. At the same meeting, a <br />proposed budget amendment for the July to December period was also reviewed. The <br />attached summary of budget adjustments reflects budget activity recorded by the Finance <br />Department over the first six - months of 2011 -12. The proposed amendment adjustments are <br />summarized including the fund, the sources of additional revenues or transfers, and the <br />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) affects 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 />City of San Leandro Page 1 Printed on 212812012 <br />