HomeMy WebLinkAboutAGENDA REPORT 2004 1020 CC REG ITEM 10HMOORPARK CITY COUNCIL
AGENDA REPORT
ITEM o. N •
CITY OF MOORPARK, CALIFORNIA
City Council Meeting
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ACTION:
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TO: Honorable City Council h
FROM: Cynthia L. Borchard, Administrative Services Director '"
DATE: October 12, 2004 (CC Meeting of 10/20/04)
SUBJECT: Consider Resolution Amending the Fiscal Year 2004 -05
Budget for the Receipt of Funds Received from Pardee
Homes in Accordance with the Subdivision Improvement
Agreement Dated May 14, 2004.
BACKGROUND /DISCUSSION
On July 9, 2004, the City received the first of two (2)
anticipated payments in the amount of $300,000 each from Pardee
Homes in accordance with the subdivision improvement agreement
dated May 14, 2004. The next payment is due July 1, 2005.
It was noted in the FY 2004 -05 budget that the funds were not
budgeted and that they would be subject to further Council
direction upon receipt. The monies may be used for any lawful
purpose at the City's sole and unfettered discretion.
The Budget and Finance Committee (Mayor Hunter and Councilmember
Harper) considered this issue at their meeting on October 6,
2004. The Committee recommends that Council authorize the
$300,000 to be placed in the Endowment Fund and directing that
the second $300,000 payment also be placed in the Endowment
Fund.
STAFF RECOMMENDATION (Roll Call Vote)
Adopt Resolution No. 2004-
RESOLUTION NO. 2004-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AMENDING THE FY 2004/05 BUDGET
BY APPROPRIATING $300,000 TO THE ENDOWMENT FUND
REVENUE BUDGET ACCOUNT (2800 - 3118).
WHEREAS, on June 16, 2004, the City Council adopted the
budget for Fiscal Year 2004/05; and
WHEREAS, a staff report has been presented to said Council
requesting a budget amendment for the receipt of $300,000 from
Pardee Homes; and
WHEREAS, Exhibit "A" hereof describes said necessary budget
amendment and its resultant impacts to the budget line item(s).
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. A budget amendment appropriating $300,000 to
the Endowment Fund Revenue budget, as more particularly
described in Exhibit "A" attached hereto is hereby approved.
SECTION 2. Staff is directed to take the necessary action
to appropriate the $300,000 payment due to the City on July 1,
2005, to also be placed in the Endowment Fund.
SECTION 3. 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 20th day of October, 2004.
Patrick Hunter, Mayor
ATTEST:
Deborah S. Traffenstedt, City Clerk
Attachment: Exhibit "A" - Budget Amendment
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EXHIBIT A
BUDGET AMENDMENT FOR
FY 2004 -05
DISTRIBUTION OF APPROPRIATION TO REVENUE ACCOUNTS:
Account Number
Current Budget
Revision
Amended Budget
2800 -3118
$ 1,149,000.00
$ 300,000.00
$ 1,449,000.00
Total
$ 1,149,000.00
$ 300,000.00
$ 1,449,000.00
Approved as to Form:
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