To: Honorable Mayor and Members of City Council
From: Bret Prebula, Finance Director
Prepared By: Jessie Gooch, Finance Analyst
TITLE:
Title
Fiscal Year 2019/20 Non-Recurring General Fund Budget Correction
LABEL
RECOMMENDED ACTION:
Recommendation
Adopt a resolution approving an amendment to the budget for the 2019/20 Fiscal Year to increase appropriations to the non-recurring General Fund budget in the amount of $300,000 based on developer fee revenue.
Body
DISCUSSION:
The adopted FY 2019/20 budget included $300,000 of estimated developer fee revenue in the Non-Recurring General Fund, but the matching expenditure budget of $300,000 was mistakenly left out of the budget. To correct the budget an increase in appropriations of $300,000 in the Non-Recurring General Fund is required.
FINANCIAL IMPACTS:
The recommended budget adjustment will increase Non-Recurring General Fund expenditures by $300,000. These expenditures are entirely offset by anticipated developer fee revenue that is already included in the budget.
CEQA:
The City Manager has determined that the Recommended Action described in this Agenda Report is not subject to CEQA, pursuant to CEQA Guidelines Section 15060(c).
DOCUMENTS ATTACHED:
ATCH 1 - Resolution
NOTIFICATION:
None