HomeMy WebLinkAboutAGENDA REPORT 2007 0620 CC REG ITEM 10I ITEM
City Council Meeting
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BY.
CITY OF MOORPARK
CITY COUNCIL AGENDA REPORT
TO: Honorable City Council
FROM: Johnny Ea, Finance Director
DATE: June 7, 2007 (City Council Meeting of June 20, 2007)
SUBJECT: Consider Resolution Amending the Fiscal Year 2006107 Budget to
Transfer Funds from the General Fund to Equipment Replacement
Fund
BACKGROUND
The Equipment Replacement Fund was created many years ago to set aside funds that
would be needed to replace equipment, including automobiles, as necessary. A one-
time contribution of $402,000 was made during the 2001102 fiscal year, fully funding this
account.
DISCUSSION
On May 16, 2007 the City Manager presented his proposed Operating and Capital
Improvement Budget for the City of Moorpark which included various replacements of
equipment in an amount of$26,500. The fund balance projected at June 30, 2007 fiscal
year end is approximately $445,000. Based on our projected fixed assets annual
accumulated depreciation, we should maintain a minimum of $486,000 in the
Equipment Replacement Fund.
Staff recommends that the City Council adopt the attached resolution amending the FY
06/07 budget to transfer funds from the General Fund reserve in an amount of $41,000
to the Equipment Replacement Fund to set money aside for future equipment
replacements.
000257
Honorable City Council
June 20, 2007
Page 2
STAFF RECOMMENDATION (Roll Call Vote)
Adopt Resolution No. 2007-
Attachment: Resolution No. 2007-
RESOLUTION NO. 2007-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AMENDING THE FY 06/07 BUDGET TO
TRANSFER $41,000 FROM THE GENERAL FUND (1000) RESERVE TO
THE EQUIPMENT REPLACEMENT FUND (4003).
WHEREAS, on June 21, 2006, the City Council adopted the budget for Fiscal
Year 2006/07; and
WHEREAS, a staff report has been presented to said Council requesting a
budget amendment transferring $41,000 from the General Fund reserve to the
Equipment Replacement Fund; and
WHEREAS, Exhibit "A" hereof describes said budget amendment and its
resultant impacts to the budget line item(s).
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. A budget amendment transferring $41,000 from the General Fund
reserve to the Equipment Replacement Fund as more particularly 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 20th day of June, 2007.
Patrick Hunter, Mayor
ATTEST:
Deborah S. Traffenstedt, City Clerk
Attachment: Exhibit "A"
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Resolution No. 2007-
Page 2
EXHIBIT A
BUDGET AMENDMENT FOR
TRANSFER TO EQUIPMENT REPLACEMENT FUND
FISCAL YEAR 2006/07
FUND ALLOCATION FROM:
Fund Account Number Amount
General 1000-5500 $ 41,000
Total $ 41,000
BUDGET APPROPRIATION:
Account Number Current Budget Revision Amended Budget
1000-5110-0000-9820 $ - $ 41,000 $ 41,000
Total $ - $ 41,000 $ 41,000
REVENUE ACCOUNT:
Account Number Current Budget Revision Amended Budget
4003-3720 $ - $ 41,000 $ 41,000
Total $ - $ 41,000 $ 41,000
Approved as to Form: