Reso 2011-053 Attachment - Laserfiche WebLink

Home

of a twenty-year effort by the City and Redevelopment Agency to transform a blighted and underutilized site into a major transit -oriented headquarters office center with more than 1,000 employees and space for several major corporate tenants including Trinet, Kaiser Permanente and City National Bank. The project includes a half -acre nature walk and open space preserve along San Leandro Creek. COUNCIL FINANCIAL POLICIES Over the years, the San Leandro City Council has followed a series of Financial. Values that provide guidance to budget administration, capital financing and debt management - which are also used to guide the budget process. In addition, the Council adopted, by resolution, specific Budget Administration guidelines which set out guidance for fund balance designations and reserves management. The Budget Administration guidelines recommend sufficient fund balance to provide for: a) Economic uncertainties, local disasters, and other financial hardships or downturns in the local or national economy, b) contingencies for unforeseen operating or capital needs and c) cash flow requirements. Further, the guidelines call for such designated fund balances to be at least 20% of General Fund operating expenditures (budgeted expenditures for the following year). Consequently, based on the General Fund's budgeted operating expenditures for FY 2010-11 the guideline requirement is approximately $14.1 million. Even during these difficult economic times, the designations reported in the accompanying financial statements are a step toward meeting these guidelines. For example, the FY 2009-10 financial statements reflect Council designations that total $12.7 million. While these designations do not fully meet the guideline amount of $14.1 million, the designated fund balance does represent substantial progress toward the guidelines while facing an economic crisis. FINANCIAL INFORMATION City Budget & Budgetary Controls The City Council is required to adopt a final budget through the passage of a resolution no later than June 3e, the close of the fiscal year, following a public hearing process conducted to obtain taxpayer comments. This annual budget serves as the foundation for the City of San Leandro's financial planning and control. The budget is prepared by fund, function (e.g., public safety) and department (e.g., police). The legal level of budgetary control is at the fund level. The City Manager is authorized to transfer budgeted amounts between departments and line items within any fund; however, any revisions which alter the total expenditures of any fund must be approved by the City Council. Transfers between funds must be approved by the City Council. At the end of the fiscal year, encumbered appropriations are carried forward and become part of the following year's budget while appropriations that have not been encumbered lapse, unless otherwise authorized by the City Council and the City Manager. x