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Home My WebLink AboutRES CC 2014 3292 2014 0521 RESOLUTION NO. 2014-3292 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, AMENDING THE FISCAL YEAR 2013/2014 BUDGET, AUTHORIZING THE TRANSFERS FROM VARIOUS SOURCES TO THE EQUIPMENT REPLACEMENT FUND (4003); AND AUTHORIZING THE DESIGNATION OF FUND BALANCE FOR EQUIPMENT REPLACEMENT OBLIGATION IN CERTAIN RESTRICTED FUNDS WHEREAS, in Fiscal Year (FY) 1985/86 the City established the Equipment Replacement Fund (4003) to set-aside money to replace various machineries and equipment as they age and/or as the asset's useful life has exhausted; and WHEREAS, on June 19, 2013, the City Council adopted the Operating and Capital Improvement Budget for FY 2013/14, and it does not include any transfers to the Equipment Replacement Fund (4003); and WHEREAS, a staff report has been presented to the City Council listing the projected cumulative expenditures totaling $1,115,594 at June 30, 2014. This includes $367,685 of equipment outlays specifically used for street maintenance ($215,100) and for traffic enforcement purposes ($152,585). It has been determined that alternative restricted sources should have been used — Gas Tax Fund (2605) and Traffic Safety Fund (2000). As of FY 2013/14, only $216,150 of these acquisitions remain active - $149,568 for street maintenance and $66,582 for traffic enforcement; and WHEREAS, the same report recommended the reimbursement of $216,150 to Equipment Replacement Fund (4003) for prior years equipment acquisitions used for street maintenance and traffic enforcement. A budget revenue adjustment of $216,150 in the Equipment Replacement Fund (4003) and the corresponding budget expenditure increase of $149,568 from Gas Tax Fund (2605) and $66,582 from Traffic Safety Fund (2000) is required to complete the transaction; and WHEREAS, the staff report described the unfunded equipment replacement obligation totaling $3,357,644 at June 30, 2014. The Equipment Replacement Fund (4003) accounts for the aggregate city-wide share of the obligation of $2,036,216. The General Fund's portion of$1,763,551 is recommended to be funded by a transfer from the Special Projects Fund (4004). A budget amendment is required and the following transfers are recommended from these funds: Library Facilities (2154) - $102,021; Traffic Safety (2000) - $95,412; Traffic Systems Management (2001) - $75,232; and Special Projects (4004) - $1,763,551; and WHEREAS, accounting entries totaling $311,401 — $246,674 from the Gas Tax Fund (2605), $9,658 from 84-2 Steeple Hill T2865 fund (2302), $10,052 from 84-2 Carlsberg (2312), $18,065 from Toll Bros T4928 (2315) and $26,952 from Pardee Homes T5045 (2322) are required to designate the equipment replacement obligation in Account 5301 — Reserve for Equipment Replacement within the respective funds; and Resolution No. 2014-3292 Page 2 WHEREAS, the allocated equipment replacement obligation for Local Transit Article 8c Fund (5000) of$827,067 will be deferred; and WHEREAS, the allocated equipment replacement obligation for RDA-SA Economic Development Fund (9101) of $182,960 will deferred until the State of California Department of Finance approves the proposed Long-Range Property Management Plan; and WHEREAS, Exhibits "A", "B" and "C", attached hereto and made a part hereof, describes said budget amendments and the resultant impacts to the budget line items. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. That an aggregate budget amendment and fund transfer of $216,150, as more particularly described in Exhibit "A", is hereby approved. SECTION 2. That an aggregate budget amendment and fund transfer of $2,036,216 as more particularly described in Exhibit "B", is hereby approved. SECTION 3. That the accounting entries totaling $311,401 to designate fund balance reserve for equipment replacement as more particularly described in Exhibit "C" is hereby approved. SECTION 4. That the deferral of the funding obligation of Local Transit Article 8c Fund (5000) - $827,067 and RDA-SA Economic Development Fund (9101) - $182,960 is hereby approved. SECTION 5. 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 21st day of May, 2014. Ja ce S. Parviin, Mayor ATTEST: Am, ■6., Maureen Benson, City Clerk / Attachments: Exhibit 'A; o �o �yA Exhibit B �0 Exhibit 'C' 9RrEb ' Resolution No. 2014-3292 Page 3 Exhibit A Budget Amendment for Equipment Replacement Fund (4003), Gas Tax Fund (2605) and Traffic Safety Fund (2000) for Reimburse of Prior Years Street Maintenance and Traffic Enforcement Equipment FY 2013/2014 A. Fund Allocation Fund/Account No. Fund Description Amount 2000-5500 Traffic Safety $66,582.00 2605-5500 Gas Tax $149,568.00 4003-5500 Equipment Replacement ($216,150.00) Total $0.00 B. Revenue Budget Allocation Fund/Account No. Current Budget Revision Amended Budget 4003-3720 $0.00 $216,150.00 $216,150.00 $0.00 $216,150.00 $216,150.00 C. Expenditure Appropriation Budget Number Current Budget Revision Revised Budget 2000-9820 $0.00 $66,582.00 $66,582.00 2605-9820 $0.00 $149,568.00 $149,568.00 Total $0.00 $216,150.00 $216,150.00 D. Interfund Transfer To Be Transferred From: Transfer To Fund Fund 4003 2000-9820 $66,582.00 2605-9820 $149,568.00 Total $216,150.00 Resolution No. 2014-3292 Page 4 Exhibit B Budget Amendment for Various Funds for Equipment Replacement Obligation 2013/2014 A. Fund Allocation Fund/Account No. Fund Description Amount 2000-5500 Traffic Safety Fund $95,412.00 2001-5500 Traffic Systems Management Fund $75,232.00 2154-5500 Library Facilities Fund $102,021.00 4004-5500 Special Projects Fund $1,763,551.00 4003-5500 Equipment Replacement ($2,036,216.00) Total $0.00 B. Revenue Budget Allocation Fund/Account No. Current Budget Revision Amended Budget 4003-3720 $0.00 $2,036,216.00 $2,036,216.00 Total $0.00 $2,036,216.00 $2,036,216.00 C. Expenditure Appropriation Budget Number Current Budget Revision Revised Budget 2000-9820 $0.00 $95,412.00 $95,412.00 2001-9820 $0.00 $75,232.00 $75,232.00 2154-9820 $0.00 $102,021.00 $102,021.00 4004-9820 $0.00 $1,763,551.00 $1,763,551.00 Total $0.00 $2,036,216.00 $2,036,216.00 D. Interfund Transfer Transfer To From Fund Fund 4003 2000-9820 $95,412.00 2001-9820 $75,232.00 2154-9820 $102,021.00 4004-9820 $1,763,551.00 Total $2,036,216.00 Resolution No. 2014-3292 Page 5 Exhibit C Fund Balance Designation for Equipment Replacement Reserve Fund Fund/Account From To Gas Tax 2605-5500 $246,674 2605-5301 $246,674 84-2 Steeple Hill T2865 2302-5500 $9,658 2302-5301 $9,658 84-2 Carlsberg 2312-5500 $10,052 2312-5301 $10,052 Toll Bros T4928 2315-5500 $18,065 2315-5301 $18,065 Pardee Homes T5045 2322-5500 $26,952 2322-5301 . $26,952 TOTAL $311,401 $311,401 Resolution No. 2014-3292 Page 6 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. 2014-3292 was adopted by the City Council of the City of Moorpark at a regular meeting held on the 21st day of May, 2014, and that the same was adopted by the following vote: AYES: Councilmembers Mikos, Millhouse, Pollock, Van Dam, and Mayor Parvin NOES: None ABSENT: None ABSTAIN: None WITNESS my hand and the official seal of said City this 28th day of May, 2014. Maureen Benson, City Clerk (seal) /:.04;sollitarAZ 14M11P-14.* I Artai0k144-41-: '■)/4 .1‘