HomeMy WebLinkAboutAGENDA REPORT 2009 1104 CC REG ITEM 10C ITEM 1=
MOORPARK CITY COUNCIL CITY OF MOORPARK,CALIFORNIA
City Council Meeting
AGENDA REPORT of // Y470200 2
ACTION: d of 46 A&
TO: Honorable City Council oZD09'—d rob.
FROM: Ron Ahlers, Finance Director 3Y:
DATE: October 28, 2009 (CC Meeting of 11/4/2009)
SUBJECT: Consider Repayment from Library Services Fund to General
Fund for the Library Feasibility Study and Resolution Amending
Fiscal Year 2009/10 Budget
BACKGROUND
On September 27, 2005, the City Council directed staff to engage the firm of
Arroyo Associates to conduct a Library Feasibility Study. Resolution 2005-2403
was passed which allocated $40,000 from the General Fund for this study. The
actual payment to Arroyo Associate for the study was $29,925.
On January 1, 2007, the City of Moorpark withdrew from the Ventura County
Free Library System and assumed ownership and operation of the Moorpark
Library. The City created a new Library Services Fund to properly account for
the property taxes and other revenues of the Library as well as to account for the
expenses of operating the Library.
DISCUSSION
We are requesting Council approval to repay this $29,925 to the General Fund
from the Library Services Fund. The Library Services Fund has sufficient cash to
pay for this request.
FISCAL IMPACT
During FY 2008-09 the County of Ventura made two lump-sum payments of
property tax revenue to complete the transfer of the library system from the
County to the City of Moorpark. The Library Services Fund, as of June 30, 2009,
has approximately $770,000 in fund balance. This fund pays for the operations
of the Moorpark Public Library.
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Honorable City Council
November 4, 2009
Page 2
This $29,925 transfer will reduce the fund balance of the Library Services Fund
to approximately $740,000. This is still a healthy fund balance since the annual
operating costs of the Library Services Fund are approximately $790,000. This
equates to having a reserve level of 93%.
This is one-time transfer into the General Fund of $29,925. The General Fund is
currently experiencing revenue declines in Sales Taxes, so this transfer is
positive news for the General Fund.
STAFF RECOMMENDATION (Roll Call Vote Required)
Adopt Resolution No. 2009- amending the fiscal year 2009/2010 budget
as noted in Exhibit "A" to the attached resolution.
Attachment:
1 . Resolution 2009-
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RESOLUTION NO. 2009-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AMENDING THE FISCAL YEAR
2009/2010 BUDGET BY TRANSFERRING $29,925 FROM THE
LIBRARY SERVICES FUND (1010) TO THE GENERAL FUND
(1000) IN ORDER TO REPAY THE GENERAL FUND FOR THE
LIBRARY FEASIBILITY STUDY
WHEREAS, on September 27, 2005, City Council approved the Library
Feasibility Study and amended the General Fund budget to pay for the study; and
WHEREAS, on July 1, 2009, the City Council adopted the budget for Fiscal Year
2009/2010; and
WHEREAS, a staff report has been presented to said City Council requesting a
budget amendment transferring $29,925 from the Library Services Fund (1010) to the
General Fund (1000) for the Library Feasibility Study.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. That a budget amendment in the amount of $29,925 for both the
General Fund (1000) and the Library Services Fund (1010) as described in Exhibit "A"
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 November, 2009.
Janice S. Parvin, Mayor
ATTEST:
Deborah S. Traffenstedt, City Clerk
Attachment: Exhibit A- Budget Amendment
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EXHIBIT A
BUDGET AMENDMENT FOR
GENERAL FUND (1000) AND LIBRARY SERVICES FUND (1010) FOR
REPAYMENT OF LIBRARY FEASIBILITY STUDY
CONDUCTED BY GENERAL FUND
FY 2009/10
FUND BALANCE ALLOCATION:
Fund Title Fund-Account Number Amount
General Fund 1000-5500 $ 29,925
Library Services Fund 1010-5500 29,925
Total $ '0'
REVENUE BUDGET ESTIMATE
Account Number Current Budget Revision Amended Budget
1000-3720 $ 26,000 $ 29,925 $ 55,925
Total $ 26,000 $ 29,925 $ 55,925
EXPENDITURE APPROPRIATION:
Account Number Current Budget Revision Amended Budget
1010-7640-0000-9820 $ -0- $ 29,925 $ 29,925
Total $ -0- $ 29,925 $ 29,925
Finance Approval: 61L &,t4 116