HomeMy WebLinkAboutAGENDA REPORT 2005 0615 CC REG ITEM 10IrrEM 10' _
CIYY 60 MOORPARK, CALIFORNIA
City Council Meeting
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ACTION:
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BY:
CITY OF MOORPARK
CITY COUNCIL AGENDA REPORT
TO: Honorable City Council G
FROM: Johnny Ea, Finance Director
DATE: June 3, 2005 (City Council Meeting of June 15, 2005)
SUBJECT: Consider Resolution Amending the Fiscal Year 2004/05
Budget to Transfer Funds from the General Fund to
Equipment Replacement Fund
BACKGROUND
The Equipment Replacement Fund was created many years ago to set
aside funds that would be needed to replace equipment, including
automobiles, as necessary. A one -time contribution of $402,000
was made during the 2001/02 fiscal year, fully funding this
account.
DISCUSSION
On May 18, 2005 the City Manager presented his proposed Operating
and Capital Improvement Budget for the City of Moorpark which
included various replacements of equipment in an amount of
$35,000. The fund balance projected at FY 05/06 year end is
$325,917. Based on our projected fixed asset annual accumulated
depreciation, we should maintain a minimum of $397,000 in this
fund.
Staff recommends that the City Council adopt the attached
resolution amending the FY 04/05 budget to transfer funds from the
General Fund reserve in an amount of $75,000 to the Equipment
Replacement Fund to set money aside for future equipment
replacements.
000293
Honorable City Council
June 15, 2005
Page 2
STAFF RECODMENDATION (Roll Call Vote)
Adopt Resolution No. 2005 -
Attachment: Resolution No. 2005-
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RESOLUTION NO. 2005-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AMENDING THE FY 04/05
BUDGET TO TRANSFER $75,000 FROM THE GENERAL FUND
(1000) RESERVE TO THE EQUIPMENT REPLACEMENT FUND
(4003).
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 transferring $75,000
from the General Fund reserve to the Equipment Replacement
Fund; and
WHEREAS, Exhibit "A" hereof describes said 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 transferring $75,000
from the General Fund reserve to the Equipment Replacement
Fund as more particularly described in Exhibit "A" 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 15th day of June, 2005.
Patrick Hunter, Mayor
ATTEST:
Deborah S. Traffenstedt, City Clerk
Attachment: Exhibit "A"
EXHIBIT A
BUDGET AMENDMENT
FY 2004 -2005
FUND ALLOCATION FROM:
Fund
Account Number
Amount
General
1000 -5500
$ 75,000.00
$ 75,000.00
$ 75,000.00
4003 -3720
Total
$ 75,000.00
$ 75,000.00
BUDGET APPROPRIATION:
Account Number
Current Budget
Revision
Amended Budget
1000 - 5110 - 0000 -9820
$ -
$ 75,000.00
$ 75,000.00
4003 -3720
$ -
$ 75,000.00
$ 75,000.00
Total
$ -
$ 150,000.00
$ 150,000.00
Approved as to Form: