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Home My WebLink AboutAGENDA REPORT 2019 0306 CCSA REG ITEM 10NCITY OF MOORPARK, CALIFORNIA City Council Meeting of 3/6/2019 ACTION Adopted Resolution No. 2019-3797. BY B.Garza N. Consider Resolution Authorizing Mid-Year Amendments to Fiscal Year 2018/2019 Budget. Staff Recommendation: Adopt Resolution No. 2019-3797 amending the fiscal year 2018/2019 budget as noted in Exhibits “A”, “B” and “C” of the resolution. ROLL CALL VOTE REQUIRED Item: 10.N. MOORPARK CITY COUNCIL AGENDA REPORT TO: Honorable City Council FROM: Ron Ahlers, Finance Director DATE: 03/06/2019 Regular Meeting SUBJECT: Consider Resolution Authorizing Mid-Year Amendments to Fiscal Year 2018/2019 Budget BACKGROUND The City Council adopted a budget for fiscal year (FY) 2018/2019 on June 20, 2018, and periodically has amended it by resolution for various projects and programs. After a review of the current budget status, in anticipation of developing a budget recommendation for the new fiscal year, staff has compiled additional recommended budget amendments for the City Council’s consideration. DISCUSSION The attached resolution makes several revenue and expenditure adjustments to the currently adopted 2018/2019 budget, with an explanation for each item. Exhibit “A” summarizes the projected changes to revenues and expenditures and the net fiscal impact by fund. Revenue adjustments (Exhibit B) reflect increases and decreases. Expenditure adjustments (Exhibit C) are cost increases, omissions, or items that will not be needed this fiscal year. Total projected revenue will increase by $2,089,139 and total projected expenditures will increase by $1,149,005. The net impact across all funds is an increase of $940,134 to the available fund balance. General Fund projected revenue increase of $357,000 coupled with zero General Fund projected expenditure increase generates a net impact of an increase in General Fund balance of $357,000. Revenues General Fund revenues show an overall increase of $357,000. Those revenues that increased are: property taxes-secured by $175,000, property taxes unsecured by $37,000, property taxes supplemental by $50,000, property taxes-Vehicle License Fee by $69,000 and settlements/restitution by $26,000. There are other changes for various funds with the largest being $801,877 in new funding for the Metrolink North Parking Lot. Item: 10.N. 445 Honorable City Council March 6, 2019 Page 2 Expenditures The majority of the expenditure increases are: $200,000 for the Princeton Avenue Project and $838,505 for the Metrolink North Parking Lot. These are detailed in Exhibit C. STAFF RECOMMENDATION (Roll Call Vote Required) Adopt Resolution No. 2019-______ amending the fiscal year 2018/2019 budget as noted in Exhibits “A”, “B” and “C” to the attached resolution. Attachment: Resolution No. 2019-_____ 446 Attachment RESOLUTION NO. 2019-_______ A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, AUTHORIZING AN AMENDMENT TO THE FISCAL YEAR 2018/2019 ADOPTED OPERATING AND CAPITAL IMPROVEMENTS BUDGET WHEREAS, on June 20, 2018 the City Council adopted the Operating and Capital Improvements Budget for fiscal year 2018/2019; and WHEREAS, certain additions and adjustments to the budget are proposed to allow for effective service delivery for the balance of the fiscal year; and WHEREAS, the City Council now wishes to amend the 2018/2019 fiscal year budget as noted in Exhibits “A”, “B” and “C”. Revenues are estimated to increase by $2,089,139 and expenditures increase by $1,149,005. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. A budget amendment as more particularly described in Exhibits “A”, “B” and “C” attached hereto is hereby approved. SECTION 2. The City Clerk shall certify to the adoption of this resolution and shall cause a certified resolution to be filed in the book of original resolutions. PASSED AND ADOPTED this 6th day of March, 2019. _____________________________________ Janice S. Parvin, Mayor ATTEST: __________________________________ Maureen Benson, City Clerk Attachment: Exhibits “A”, “B” and “C” – Mid Year Budget Amendment 447 Resolution No. 2019- Page 2 Projected Projected Net Fund Balance Revenue Expenditure Impact Increase Increase Increase (Decrease)(Decrease)(Decrease) 1000 - General Fund 357,000 -357,000 1010 - Library Fund 25,000 -25,000 2002 - City Wide Traffic Mitigation 230,000 -230,000 2010 - Community Wide Park Development -12,000 (12,000) 2018 - Endowment Fund 385,000 -385,000 2200 - Community Development Fund 50,000 -50,000 2322 - Moorpark Highlands LMD -45,000 (45,000) 2390 - Park Maintenance -20,000 (20,000) 2409 - Federal/State Grant 227,068 200,000 27,068 2410 - Solid Waste AB939 Fund -17,000 (17,000) 2412 - Local TDA Article 8a Fund 13,194 -13,194 2434 - Prop 1B Local Streets & Roads 801,877 838,505 (36,628) 9000 - Internal Service Fund -16,500 (16,500) $ 2,089,139 $ 1,149,005 $ 940,134 Exhibit "A" CITY OF MOORPARK Mid Year Budget Amendment for the 2018/2019 Fiscal Year Summary by Fund Fund 448 Resolution No. 2019- Page 3 Exhibit "B" City of Moorpark Mid Year Budget Amendment FY 2018/19 Fund A/C Fund Description Current Budget Actual Revision Amended Budget Explanation REVENUE: 1000 40000 General Fund Property Taxes - CY Sec 3,700,000 2,700,091 175,000 3,875,000 Greater growth in assessed value 1000 40010 General Fund Property Taxes - CY UnSec 115,000 136,062 37,000 152,000 Greater growth in equipment assessed value 1000 40030 General Fund Property Taxes - Supplemental 50,000 39,374 50,000 100,000 Greater home sales growth 1000 40070 General Fund Property Taxes - VLF 3,700,000 1,884,569 69,000 3,769,000 Greater growth in assessed value 1000 44100 General Fund Settlement/Restitution 20,000 45,304 26,000 46,000 Increased settlements 357,000 1010 40000 Library Fund Property Taxes Secured 975,000 0 25,000 1,000,000 Revised estimate 25,000 2002 42000 City Wide Traffic Mitigation Investment Earnings 250,000 385,930 200,000 450,000 Increased returns 2002 42050 City Wide Traffic Mitigation Rents/Concessions 40,000 61,528 30,000 70,000 General increase 230,000 2018 42000 Endowment Fund Investment Earnings 125,000 252,774 175,000 300,000 Increased returns 2018 43010 Endowment Fund Development Agreement Fees 0 210,000 210,000 210,000 Revised estimate of development fees 385,000 2200 43200 Community Development Fund Non-residential building permit 32,000 54,975 28,000 60,000 Increased number of permits 2200 43210 Community Development Fund Non-residential plan check 8,000 22,665 22,000 30,000 Increased number of permits 50,000 2409 46530 Federal/State Grant Fund Federal Reimburse 0 27,068 227,068 227,068 Additional Federal (STP) funding for Princeton Avenue (reimbursement-based) in the amount of $200,000. $27,068 is STP reimbursement received in FY 18/19 for FY 17/18 expenditures for an overlay project. 227,068 2412 46200 Local TDA Article 8A Transit Allocation 22,903 0 13,194 36,097 Additional TDA 8A funding available during FY 2018/19 allocation (Reso. 2018-3750). 13,194 2434-430-G0008 46400 Prop !B Local Streets & Roads State Bond Allocation 313,000 0 801,877 1,114,877 New funding for Metrolink North Parking Lot project (CIP C0032). Cooperative Agreement between Moorpark and VCTC to be executed in February 2019. 801,877 Total Revenue Revision $ 2,089,139 449 Resolution No. 2019- Page 4 Exhibit "C" City of Moorpark Mid Year Budget Amendment FY 2018/19 Account Schema Fund Division Account Description Current Budget Actual Revision Amended Budget Explanation EXPENDITURES: 2010-541-C0045-55500 Community Wide Park Development Facilities Improvements 25,000 6,629 12,000 37,000 ADA compliant walkway for Ball Wall 2322-542-P0004-53000 LMD 22 - Moorpark Highlands Parks Property Maintenance Services 585,202 419,405 45,000 630,202 Fencing repairs due to (2) vehicular accidents Planting improvements Living Smart Slope 2390-541-R0010-53000 Parks Maintenance Parks Property Maintenance Services 62,786 14,359 10,000 72,786 Unanticipated electrical repairs 2390-541-R0120-53000 Parks Maintenance Parks Property Maintenance Services 42,110 16,030 10,000 52,110 Fencing repair due to vehicular accident 2409-311-C0020-55200 Federal/State Grant Fund Princeton Infrastructures 1,087,244 0 200,000 1,287,244 Reflect additional STP reimbursement available for Princeton Avenue project. Matches new $200,000 included in Mid-Year revenue. 2410-445-P0003-52050 Solid Waste AB939 Tree Streetscape Tools & Non capital equipment 3,800 0 17,000 20,800 Catch basin - full capture devises 2434-430-C0032-55200 Prop !B Local Streets & Roads Metrolink North Lot Infrastructures 287,409 0 838,505 1,125,914 Reflects additional Prop 1B funding for the Metrolink North Parking Lot project ($801,877) and interest that has accumulated and should be spent on the project ($36,628). 9000-134-00000-51000 Internal Services Fund Information Services Contractual Services 216,990 124,601 16,500 233,490 Increased pricing from vendors Total Expenditure Revision $ 1,149,005 450