HomeMy WebLinkAboutRes 2016-22 - Amnd Bdgt - FY 15-16CITY OF PALM DESERT
FINANCE DEPARTMENT
Staff Report
REQUEST: Approve amending the fiscal year 2015-2016 Budget as a result of
Mid -Year Adjustments.
DATE: February 11, 2016
CONTENTS: Resolution 2016- 22 Amending the Fiscal Year 2015-16 Budget.
Recommendation
1. By Minute Motion, approve Resolution 2016- 22 Amending the fiscal year
2015-2016 Budget as a result of Mid -Year Adjustments.
Background
Staff has completed a Mid -Year analysis of the current budget and financial position of
the City. The estimated revenues for the General Fund are $51,725 million (same as
previously approved by City Council with the following changes: sales tax (300k- Less),
Transient Occupancy Tax (350k — Short Term rental major portion of increase) versus
estimated expenditures of $51.7 million (higher expenditures to original budget due to
staff recommended budget changes outline below).
General Fund:
Revenues
Expenses
Original Budqet
$51,725,000
$51,713,629
• `(Does not include encumbrance carryover).
Mid -Year
Revised Budqet
$ 52,025,000
$ 51,763,129*
The following are increases made by staff due to Mid -Year Budget review of expenses.
• Economic Development $ 35,000 for cost of PKF Hotel Market Study and
conference/seminars.
• Community Promotions $ 4,500 for Courtesy Carts for Fashion Week and Food
& Wine events.
• City Council $10,000 for additional local meetings attended by various City
Council members. $10,000 will be transfer from Community Contingency
Reserve.
• Non -General Fund:
• President's Plaza III - $22,344 for Slurry Seal/Striping of President's Plaza III
Staff Report
Approval of Resolution 2016- 22 Amending the Fiscal Year 2015/2016 Budget
February 11, 2016
Page 2 of 2
Fiscal Impact
Approval of Resolution No. 2016- 22 will result in budget adjustments to the General
Fund in the amount of $250,500 (Revenue $300,000 less Expense $49,500=$250,500)
for the fiscal year 2015-2016.
7)7.
tted By• Ap rov I:
aul S. Gibson, Finance Director Jof 0. Wohlmuth, City Manager
RESOLUTION NO. 2016- 22
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM
DESERT, CALIFORNIA, AMENDING THE FISCAL YEAR 2015-16
BUDGET AS A RESULT OF MID -YEAR ADJUSTMENTS
WHEREAS, as a result of a mid -year review of the budget, it is desirable to
revise the 2015-16 Budget;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Palm
Desert, California, that the 2015-16 Budget is hereby revised as follows:
1. The amounts shown in the column entitled "Proposed Budget Adjustment" in the
table entitled "City of Palm Desert, Mid -Year Budget Adjustments (Appropriations),
Fiscal Year 2015-2016", attached hereto as Exhibit "A", are hereby appropriated to the
departments, activities and projects identified therein as the Operating Budget for 2015-
16.
2. The amounts shown in the column entitled "Revised Estimated Revenue" in the
table entitled "City of Palm Desert, Mid -Year Budget Adjustments — Revenue, Fiscal
Year 2015-2016", attached hereto as Exhibit "B", are hereby accepted as the Estimated
Revenues for the 2014-15 Fiscal Year for each fund and revenue source.
PASSED, APPROVED AND ADOPTED at the regular meeting of the Palm Desert City
Council held on this day of February, 2016, by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
SUSAN MARIE WEBER, MAYOR
ATTEST:
RACHELLE D. KLASSEN, CITY CLERK
CITY OF PALM DESERT, CALIFORNIA
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RESOLUTION NO. 2016-22
City of Palm Desert
Mid -Year Budget Adjustments - Revenue Exhibit B
Fiscal Year 2015-2016
Revenue Adjustments:
GENERAL FUND:
Transient Occupancy Tax (Includes Short Term Rental) $ 350,000
Sales Tax $ (300,000)
Property Tax $ 250,000
Total General Fund Revenue Adjustment $ 300,000
Revised General Fund Est Reve $ 52,025,000