HomeMy WebLinkAboutAGENDA REPORT 2011 0119 CC REG ITEM 10E ITEM 10.E.
MOORPARK CITY COUNCIL L-&o--. i..��rr?ggL_ .-
AGENDA REPORT - - -��- --
TO: Honorable City Council
FROM: Steven Kueny, City Manager
DATE: January 12, 2011 (CC Meeting of 1119/11)
SUBJECT: Consider Resolution Amending the Fiscal Year 2010/11 Budget to
Appropriate $1,935,000 from the Endowment Fund (2800) for the
Purchase of Assessor Parcel Number (APN) 519-0-210-055
BACKGROUND and DISCUSSION
On December 1, 2010, the City Council authorized the purchase of APN 519-0-210-055
(Property) for a price of $1,925,000.00 plus a brokerage fee of $48,125.00. At that time,
the City Council appropriated $60,000.00 from the Endowment Fund to fund the
$50,000.00 escrow deposit, environmental investigation, and legal costs. As
authorized, the Mayor has signed the Purchase and Sale Agreement, and the
$50,000.00 escrow deposit has been paid for this 80 acre parcel. The environmental
investigation has been initiated and will be completed by approximately January 24,
2011. Unless conditions are found on the site that cannot be remediated, the escrow is
scheduled to close on February 7, 2011.
FISCAL IMPACT
The purchase price ($1,925,000.00), brokerage fee ($48,125.00), environmental, legal,
escrow, title, and related costs are not expected to exceed the $1,995,000.00 total
appropriation requested. The funding source is the Endowment Fund. One of the
purposes identified in establishment of this fund is the acquisition of open space.
STAFF RECOMMENDATION ROLL CALL VOTE
Adopt Resolution No. 2011- amending the FY 2010/11 Budget to appropriate
$1,935,000.00 from the Endowment Fund to fund the acquisition of APN 519-0-210-
055.
SK:db
Attachment: Resolution No. 2011-
208
Attachment
RESOLUTION NO. 2011 -
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA AMENDING THE FISCAL YEAR 2010/2011
BUDGET TO APPROPRIATE $1,935,000 FROM THE ENDOWMENT
FUND (2800) TO THE PARKS AND RECREATION DEPARTMENT FOR
ACQUISITION OF APN 519-0-210-055
WHEREAS, on June 16, 2010, the City Council adopted the Operating and
Capital Improvement Budget for Fiscal Year 2010/2011; and
WHEREAS, a staff report has been presented to the City Council requesting a
$1,935,000 budget appropriation from the Endowment Fund (2800) for acquisition of
APN 519-0-210-055 outside the City limits south of Tierra Rejada Road; and
WHEREAS, Exhibit "A" hereof describes said budget amendment and its
resultant impacts 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 of $1,935,000 as more particularly
described in Exhibit "A", 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 19th day of January, 2011.
Janice S. Parvin, Mayor
ATTEST:
Maureen Benson, City Clerk
Attachment: Exhibit A - Budget Amendment
209
Exhibit A
Budget Amendment for
Endowment Fund (2800)
for Acquisition of APN 519-0-210-055
FY 2010/2011
A. Fund Allocation
Fund Description Account Amount
Endowment Fund 2800-5500 $1,935,000
Total $1,935,000
B. Expenditure Appropriation
Adopted Budget
Fund Budget Change Revised Budget
2800-7800-7840-9610 $60,000 $1,935,000 $1,995,000
$1,995,000
Finance Approval:
Ron Ahlers, Finance Director
210