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File #: 21-803    Version: 1
Type: Administrative Items Status: Agenda Ready
File created: 10/25/2021 In control: City Council/Public Financing Authority
On agenda: 11/2/2021 Final action:
Title: Fiscal Year 2020/21 Year End Budget Adjustments, Inter-Fund Transfers, and Assignment
Attachments: 1. Att 1 - FY20-21 Year-End Budget Adjustment, 2. Supp Com - PP 11/2

SUBMITTED TO: Honorable Mayor and City Council Members

SUBMITTED BY: Oliver Chi, City Manager

PREPARED BY: Dahle Bulosan, Chief Financial Officer

Fiscal Year 2020/21 Year End Budget Adjustments, Inter-Fund Transfers, and Assignment

Statement of Issue:
The Finance Department is currently undergoing the year-end closing process for Fiscal Year 2020/21, which began on July 1, 2020, and ended on June 30, 2021. 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 Fiscal Year (FY) 2020/21. City Council authorization is also requested to set aside funds to ensure proper Litigation Reserves. There are sufficient revenues, available cash, and/or fund balances to support these adjustments

Financial Impact:
1. Appropriation Increases (Various Funds): Appropriation increases of $6,150,900 are requested to reconcile the budget with actual expenditures incurred in various funds (Attachment 1).
2. Inter-Fund Transfers (Various Funds): Authorization is requested for inter-fund transfers totaling $7,074,692 from various funds to reconcile budgets and close out fund accounts (Attachment 1).
3. Litigation Reserves: Authorization is requested to set aside $3,650,000 in the General Fund to properly fund legal claims.

Recommended Action:
A) Approve the year-end inter-fund transfers for the Fiscal Year 2020/21 Revised Budget in the Funds and by the amounts contained in Attachment 1; and,

B) Increase appropriations for the FY 2020/21 Revised Budget by $13,225,591 in the Funds and amounts contained in Attachment 1 and associated carryovers to reconcile the budget with actual expenses incurred.

C) Approve the assignment of $3,650,000 in the General Fund ...

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