HomeMy WebLinkAboutSR - Amnd FY 2007/08 Budget - MDYR AdjstmntCITY OF PALM DESERT
FINANCE DEPARTMENT
Staff Report
REQUEST: Approve amending the Fiscal Year 2007-2008 Budget as a result of Mid -
Year Adjustments.
DATE: February 14, 2008
CONTENTS: Resolution 08- 11 Amending the Fiscal Year 2007-08 Budget.
Recommendation:
By Minute Motion, approve Resolution 08- 11 amending the Fiscal Year 2007-
2008 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 $52.246 million (no changes
to original budget) versus estimated expenditures of $52.231 million (no changes to
original budget). No adjustments are needed for the Fire Fund; all excess expenditure
savings will be used toward improvements to their buildings.
Mid -Year
Original Budget Revised Budget
Revenues $52,246,100 $52,246,100
Expenses $52,231,523 $52,231,523
The following are additional amounts needed due to Mid -Year Budget review of
expenses. There are several departments that staff is requesting adjustments to,
however, the overall affect is no change to the General Fund budget.
$12,000 Additional funds needed to cover the two-day City Council goal -
setting retreat. Account No. 110-4110-410-3090
$10,000 Additional funds needed to cover Street Maintenance Division's
overtime for emergency work during year. Account No. 110-4310-433-1002
$56,208 Transfer of budget of $21,208 from the Parks Maintenance account
to Landscape Services division for Freedom Park water which was being
charged to wrong account, plus additional $35,000 for Freedom Park water for
remaining fiscal year. Account No. 110-4614-453-3510
• Staff Report
Amend Fiscal Year 2007-2008 Budget as a Result of Mid -Year Adjustments
February 14, 2008
Page 2 of 2
$15,000 Increase of nuisance abatement projects requires an increase in
budget which will be offset by reimbursement by property owner. Account No.
110-4420-422-3050
$20,000 Additional funds needed to cover financial feasibility study on
annexation of Bermuda Dunes which was originally budgeted in last year's
budget, but the money was not actually encumbered and spent until this fiscal
year. Account No. 110-4470-412-3115
$230,000 Additional funds needed for unexpected litigation costs dealing with
Indian Springs Mobile Home Park, County billboards, and employee -related
matters. Account No. 110-4121-411-3015
Mid -Year Budget Review 2007-08 Page 2
$25,900 Additional funds needed to cover balloting process and engineer's
report to create two new landscape and lighting districts for Silver Spur and
Sandcastle. Funds will be reimbursed back to General Fund upon completion of
the establishment of these districts. 110-4260-422-3090
• $(369,108) Decrease Sheriff Department budget due to 9 deputy positions not
filled for the last 6 months. 110-4210-422-3040
Other Funds Appropriation Adiustments:
TRAFFIC SIGNALS FUND (234)
$ 676,258 Expenditure related to the traffic signals completed at the
intersection of Highway 74 and Shadow Mountain Drive. The traffic signal fund is
reimbursing the Capital Project Fund for the expenditures.
Staff recommends approval of the resolution amending the City Budget.
Submitted by:
( k( .
Paul S. Gibson
Director of Finance/City Treasurer
* Adopted Res. No. 08-11 as amended,
deferring the $230,000 line item for
Legal Services to the next meeting.
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G:\Finance\Niamh Ortega\Staff Reports\Mid Year 2007-2008 Bu
Approval:
Carlos L. Orte
City Manager
CITY COUNCIL ACTION:
APPROVED ✓ DENIED
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