REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Oliver Chi, City Manager
PREPARED BY: Dahle Bulosan, Chief Financial Officer
Subject:
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Fiscal Year 2019/20 Year End Budget Adjustments and Inter-Fund Transfers
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Statement of Issue:
The Finance Department is currently undergoing the year-end closing process for Fiscal Year (FY) 2019/20, which began on July 1, 2019, and ended on June 30, 2020. Certain technical adjustments and fund transfers need to be made 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 FY 2019/20. There are sufficient revenues, available cash, and/or fund balances to support these adjustments.
Financial Impact:
1. Inter-Fund Transfers (Various Funds): Authorization is requested for inter-fund transfers totaling $244,884 from various funds to reconcile budget and close out fund account (Attachment 1).
2. Appropriation Increases (Various Funds): Appropriation increases totaling $1,612,000 are requested to reconcile the budget with actual expenditures incurred in two funds (Attachment 1).
Recommended Action:
recommendation
A) Approve the year-end inter-fund transfers for the FY 2019/20 Revised Budget in the Funds and by the amounts contained in Attachment 1; and,
B) Increase appropriations for the FY 2019/20 Revised Budget by $1,612,000 in the Funds and amounts contained in Attachment 1 to reconcile the budget with actual expenses incurred.
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Alternative Action(s):
Do not approve the recommendation and direct staff accordingly.
Analysis:
The FY 2019/20 Budget was adopted by the City Council on June 3, 2019, for the fiscal year beginning July 1, 2020. The Finance Department has compiled recommended budget adjustments to cover additional costs and/or provide appropriations necessar...
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