|Back To Agenda||Print Page|
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: DIRECTOR OF FINANCE AND INFORMATION TECHNOLOGY
DATE: MAY 6, 2003
SUBJECT: BUDGET RESOLUTION TO FORMALY ADOPT CONTINGENCY
Staff Coordinator: Kathryn Downs, Accounting Manager
Adopt Resolution No. 2003- , amending Resolution 2002-45, the budget appropriation for FY2002-2003, to decrease budgeted appropriations in the General fund, Street Maintenance fund and Capital Improvements Projects fund.
The City Manager presented a short-term budget contingency plan at the February 18, 2003 City Council meeting. The contingency plan detailed recommendations to help the City Council plan for the possible elimination of Vehicle License Fee backfill from the state. The attached resolution merely formalizes City Council actions taken on February 18, 2003. The attached resolution details the following FY2002-2003 budget appropriation reductions:
Based on City Council action at the February 18, 2003 City Council meeting, staff has prepared the attached budget resolution, which reduces budgeted appropriations for FY2002-2003 in the amount of $1.26 million. As a result, the projected fund balance as of June 30, 2003 for the General fund is expected to be $8.2 million.