HomeMy WebLinkAboutRES CC 2011 3037 2011 0615RESOLUTION NO. 2011 -3037
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AMENDING THE FISCAL
YEAR 2010/2011 BUDGET TO APPROPRIATE $1,500,000
IN THE SPECIAL PROJECTS FUND (4004); INCREASE
REVENUE BUDGET BY $1,500,000 IN THE GENERAL
FUND; AND TO AUTHORIZE THE TRANSFER UP TO
$1,500,000 FROM THE SPECIAL PROJECTS FUND (4004)
TO THE GENERAL FUND (1000) TO MAINTAIN THE
$3,000,000 UNRESERVED FUND BALANCE
WHEREAS, on June 18, 2008 City Council adopted Resolution 2008 -2725 which
established the Special Projects Fund (4004) and adopted the General Fund Reserve
Policy; and
WHEREAS, on October 6, 2010 City Council adopted Resolution 2010 -2959
containing the revised City Council Policies. This document includes said General Fund
Reserve policy, which states that the City will maintain a maximum General Fund
unreserved fund balance of $3,000,000. Any excess General Fund unreserved fund
balance will be transferred to the Special Projects Fund. It further dictates that the
annual adjustment of the reserve levels will be made only after Council confirms such
action; and
WHEREAS, on May 18, 2011 staff presented to City Council the fiscal year
2011/2012 City Manager's Draft Recommended Operating and Capital Improvement
Projects Budget. The budget message reported that the General Fund is expected to
have a $1,556,014 unreserved fund balance at June 30, 2011; and
WHEREAS, a staff report has been presented to City Council requesting an
expenditure budget increase of $1,500,000 in the Special Projects Fund (4004) and a
corresponding revenue budget increase in the General Fund (1000); and
WHEREAS, at the end of fiscal year 2011/2012 after final accounting of the
General Fund reserve has been completed, staff is requesting fund transfer of up to
$1,500,000 to the General Fund (1000) to maintain the annual reserve level at
$3,000,000; and
WHEREAS, Exhibit "A ", attached hereto and made a part hereof, describes said
budget amendment and its resultant impact to the budget line item.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. That a Budget Amendment appropriating $1,500,000 in the Special
Projects Fund (4004), as more particularly described in Exhibit "A ", is hereby approved.
Resolution No. 2011 -3037
Page 2
SECTION 2. That a Budget Amendment increasing the revenue budget by
$1,500,000 in the General Fund (1000), as more particularly described in Exhibit "A ", is
hereby approved.
SECTION 3. That a fund transfer up to $1,500,000 from the Special Projects
Fund (4004) to the General Fund (1000) is hereby approved.
SECTION 4. 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, 2011.
ATTEST:
Maureen Benson, City Clerk
Exhibit A: Budget Amendment
Ja "iceS. Parvin, Mayor
EXHIBIT A
BUDGET AMENDMENT FOR
SPECIAL PROJECTS FUND & GENERAL FUND
TO TRANSFER UP TO $1,500,000 TO MAINTAIN THE
GENERAL FUND UNRESERVED FUND BALANCE AT $3,000,000
FY 2010/2011
FUND BALANCE ALLOCATION:
Fund Title
Fund - Account
Number
Amount
Special Projects Fund
4004 -5500
$ 1,500,000.00
General Fund
1000 -5500
$ (1,500,000.00)
Total
1
1 $ -
REVENUE BUDGET ALLOCATION:
Account Number
Current Budget
Revision
Amended Budget
1000 -3720
$ -
$ 1,500,000.00
$ 1,500,000.00
Total
$ -
$ 1,500,000-00
$ 1, 500, 000.00
EXPENDITURE APPROPRIATION:
Account Number
Current Budget
Revision
Amended Budget
4004 -9820
$ -
$ 1,500,000.00
$ 1,500,000.00
Total
$ -
$ 1,500,000-00
$ 1,5 , 000.00
Resolution No. 2011 -3037
Page 4
STATE OF CALIFORNIA )
COUNTY OF VENTURA ) ss.
CITY OF MOORPARK )
I, Maureen Benson, City Clerk of the City of Moorpark, California, do hereby
certify under penalty of perjury that the foregoing Resolution No. 2011 -3037 was
adopted by the City Council of the City of Moorpark at a regular meeting held on the
15th day of June, 2011, and that the same was adopted by the following vote:
AYES: Councilmembers Mikos, Pollock, Van Dam, and Mayor Parvin
NOES: None
ABSENT: Councilmember Millhouse
ABSTAIN: None
WITNESS my hand and the official seal of said City this 6th day of July, 2011.
Maureen Benson, City Clerk
(seal)