HomeMy WebLinkAboutEPBID - Increase AppropriationYJ- L
CITY OF PALM DESERT
STAFF REPORT
REQUEST: INCREASE APPROPRIATION FOR FUND 271-4491-464-32.15 EL PASEO
BUSINESS IMPROVEMENT DISTRICT BY $40,000 AND INCREASE
ESTIMATED REVENUES BY $40,000
FROM: RUTH ANN MOORE, ECONOMIC DEVELOPMENT MANAGER
DATE: MAY 25, 2006
Recommendation:
By Minute Motion, that the City Council:
1. Appropriate an additional $40,000 to the El Paseo Business Improvement District
Fund 271-4491-464-32.15; and
2. Increase estimated revenue funds for the El Paseo Improvement District by
$40,000.
Executive Summary:
Additional funding has been collected and was approved by the El Paseo Board of Directors for
advertising, including Fashion Week on El Paseo, and new street banners. A correction for the
Fund's mid -year adjustment did not occur. Therefore, staff is requesting the above action as a
"housekeeping" item for the budget.
Discussion:
Each year, the El Paseo Business Improvement District conservatively underestimates funding in
order not to over spend in its accounts. At the mid -year adjustment, revenue accounts are
reviewed and adjustments are made correcting the fund to allow for either an increase or decrease
in collections. Funds are then redistributed and additional funding, if available, is allocated while
still leaving at least a 10% contingency for a year-end balance.
While staff performed the mid -year review with the El Paseo Business Improvement District's Board
of Directors, placing the request during mid -year adjustments was missed due to an extended
medical absence by staff.
Therefore, staff requests Council to approve the above recommendations.
uth-}din Moor16, Economic Dev. Manager
Paul S. Gibson, Finance Director
Approval:
411i-
t6 cCarthy, ACM Redevelo i ent
Ortega, City Mana
G:\BusCtr\Ruth Ann Moore\word data\STAFF REPORTS\el paseo budget adjustment.doc