HomeMy WebLinkAboutAGENDA REPORT 2015 0204 CCSA REG ITEM 09E ITEM 9.E.
MOORPARK CITY COUNCIL CITY OF MOORPARK,CALIFORNIA
AGENDA REPORT City Council Meeting
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TO: Honorable City Council 670/5 -3 .
BY: 'fl-i ira1iu?-E-,-✓
FROM: Ron Ahlers, Finance Director 66 V
DATE: January 27, 2015 (City Council meeting of February 4, 2015)
SUBJECT: Consider Resolution Authorizing Mid-Year Amendments to Fiscal
Year 2014/2015 Budget
BACKGROUND
The City Council adopted a budget for fiscal year 2014/2015 on June 18, 2014, 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 2014/2015 fiscal year 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, mainly in the General Fund and the Successor Agency funds. Expenditure
adjustments (Exhibit C) are cost increases, omissions, or items that will not be needed
this fiscal year. Total projected revenue will increase by $17,409,591 and total
projected expenditures will increase by $18,999,705. The net impact across all funds is
a decrease of$1,590,114 to the available fund balance.
Revenues
General Fund revenues show an overall increase of $249,000. Those revenues that
increased are: property taxes-VLF and sales tax compensation. The decreased
revenues are: Community services fee and HHW-Community Maintenance Fee. The
decrease of$650,000 for Tax Increment (Fund 9100) and the Transfer (Fund 9101) is to
match the latest estimate of revenue for the Successor Agency. During November 2014
the Successor Agency refunded the 1999 and 2001 Tax Allocation Bonds by issuing the
2014 Tax Allocation Bonds. The adjustments to the various bond funds (9105 to 9109)
amount to $18,460,591 reflect this bond refunding.
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Honorable City Council
February 4, 2015
Page 2
Expenditures
The General Fund increases reflect increased costs for property maintenance. In the
other funds, there are increased costs for network security, property maintenance,
electricity and water (Walnut Acres Park).
The refunding of the 1999 and 2001 Tax Allocation Bonds are also reflected in the
increased appropriations of $18,943,201. The appropriations are mainly accounting
entries which establish two new bond funds to reflect the proceeds of the 2014
refunding (Fund 9108) and the 2014 Tax Allocation Bond Debt Service (Fund 9109).
The 2014 Tax Allocation Bonds will be paid off over the same time period as the old
1999 and 2001 bonds. The revenue source to pay off the bonds is the Redevelopment
Property Tax Trust Fund (RPTTF); which receives the old property tax increment from
the dissolved redevelopment agency. The refunding generates savings of about
$190,000 annually in debt service costs. The savings will flow through to all the taxing
entities including the City of Moorpark.
STAFF RECOMMENDATION (Roll Call Vote Required)
Adopt Resolution No. 2015- amending the fiscal year 2014/2015 budget as
noted in Exhibits "A", "B" and "C" to the attached resolution.
Attachment: Resolution No. 2015-
214
Attachment
RESOLUTION NO. 2015-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AUTHORIZING AN AMENDMENT
TO THE FISCAL YEAR 2014/2015 ADOPTED OPERATING
AND CAPITAL IMPROVEMENTS BUDGET
WHEREAS, on June 18, 2014 the City Council adopted the Operating and
Capital Improvements Budget for fiscal year 2014/2015; 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 2014/2015 fiscal year
budget as noted in Exhibits "A", "B" and "C".
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 4th day of February, 2015.
Janice S. Parvin, Mayor
ATTEST:
Maureen Benson, City Clerk
Attachment: Exhibits "A", "B" and "C" — Mid Year Budget Amendment
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