HomeMy WebLinkAboutAGENDA REPORT 2015 1202 CCSA REG ITEM 10D ITEM 10.D.
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AGENDA REPORT gy: =
TO: Honorable City Council
FROM: Jessica Sandifer, Senior Management Anal
DATE: November 23, 2015 (CC Meeting of 121212015)
SUBJECT: Consider Resolution Amending FY 2015-16 Budget for Funding to
Conduct Various Pre-Purchase Property Investigations
BACKGROUND & DISCUSSION
The City Manager, pursuant to authorization from the City Council, negotiates
purchases of property on the City's behalf. Once the negotiations are completed, there
is typically a due diligence period at which point the City performs various property
investigations. These investigations typically include building inspections and Phase I
environmental site assessments. These investigations inform City staff about the
conditions of the property and the site and help staff determine whether the acquisition
will be completed, or if the price needs to be re-negotiated based on the inspection
findings. Staff is requesting a budget amendment of $15,000 for pre-purchase property
investigations at 61 E. High Street and 702 Walnut Street. The funds will be budgeted in
the Property Maintenance Division, but the expenses will be accounted for as a part of
the overall property acquisitions, should the property purchase be finalized.
FISCAL IMPACT
No funds have been budgeted for Pre-Purchase Property Investigations. Staff is
requesting $15,000 from the Endowment Fund (2800) for this purpose.
STAFF RECOMMENDATION (ROLL CALL VOTE)
Adopt Resolution No. 2015- , amending the Fiscal Year 2015/16 budget for pre-
purchase property investigations.
Attachment: Resolution No. 2015-
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EXHIBIT A
BUDGET AMENDMENT FOR
Pre-Purchase Property Investigation Services from the Endowment Fund (2800)
2015/16
FUND ALLOCATION FROM:
Fund Account Number Amount
Endowment Fund 2800-5500 $ 15,000.00
Total $ 15,000.00
DISTRIBUTION OF APPROPRIATION TO EXPENSE ACCOUNTS:
Account Number Current Budget Revision Amended Budget
2800.7625.0000.9102 $ - $ 15,000.00 $ 15,000.00
$ - $
$ - $
Total $ - $ 15,000.00 $ 15,000.00
Approved as to Form: 4p 1 APieA _
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