REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Dave Kiff, Interim City Manager
PREPARED BY: Chuck Adams, Interim Chief Financial Officer
Subject:
title
Approve Fiscal Year 2018/19 Year-End Budget Adjustment and Inter-Fund Transfers
body
Statement of Issue:
The Finance Department is currently undergoing the year-end closing process for Fiscal Year 2018/19. Certain technical adjustments and fund transfers are needed to reconcile the budget with actual expenditures incurred, and to comply with auditing, actuarial, accounting or legal requirements. City Council authorization is requested to perform these reconciliations in order to properly close Fiscal Year (FY) 2018/19. There are sufficient revenues, available cash, and/or fund balances to support these adjustments.
Financial Impact:
Authorization is requested for appropriation and inter-fund transfers from the General Fund (Fund 100) FY 2018/2019 budgetary savings to: A) an additional transfer up to $1.0 million into the Section 115 Trust (Fund 716) to help pay down unfunded liabilities; B) $2.0 million to the Infrastructure Fund (314) to ensure compliance with the City Infrastructure Charter requirement; C) transfer $250,000 towards future park improvements to the Infrastructure Fund; and D) $1.58 million in transfers and authorization to execute any future necessary action related to the City Manager's Employment Agreement (per Resolution 2019-55), specifically in regards to the non-forgivable home loan and any rental payments.
Recommended Action:
recommendation
A) Approve the appropriation and transfer up to $1.0 million into the Section 115 Trust from one-time FY 2018/19 year-end savings and revenues to reduce the City's unfunded pension liabilities as reflected in Attachment 1; and,
B) Approve appropriation and transfer of $2.0 million to the Fiscal Year 2018/19 Revised Budget in the Infrastructure Fund (314) and an additional $250,000 fo...
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