HomeMy WebLinkAboutAGENDA REPORT 2006 0621 CC REG ITEM 10JTTEM 10- T
CITY OF MOORPARK, CALIFORNIA
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CITY OF MOORPARK
CITY COUNCIL AGENDA REPORT
TO: Honorable City Council
FROM: Johnny Ea, Finance Director
DATE: June 12, 2006 (City Council Meeting of June 21, 2006)
SUBJECT: Consider Resolution Amending the Fiscal Year 2005/06 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 2001/02 fiscal year, fully funding this
account.
DISCUSSION
On May 17, 2006 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 $40,800. The fund balance projected at June 30, 2006 fiscal
year end is approximately $406,000. Based on our projected fixed assets annual
accumulated depreciation, we should maintain a minimum of $485,000 in the
Equipment Replacement Fund.
Staff recommends that the City Council adopt the attached resolution amending the FY
05/06 budget to transfer funds from the General Fund reserve in an amount of $79,000
to the Equipment Replacement Fund to set money aside for future equipment
replacements.
Honorable City Council
June 21, 2006
Page 2
STAFF RECOMMENDATION (Roll Call Vote)
Adopt Resolution No. 2006 -
Attachment: Resolution No. 2006-
C , AN E 110 t'� r-
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RESOLUTION NO. 2006-
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AMENDING THE FY 05/06 BUDGET TO
TRANSFER $79,000 FROM THE GENERAL FUND (1000) RESERVE TO
THE EQUIPMENT REPLACEMENT FUND (4003).
WHEREAS, on June 15, 2005, the City Council adopted the budget for Fiscal
Year 2005/06; and
WHEREAS, a staff report has been presented to said Council requesting a
budget amendment transferring $79,000 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 $79,000 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 21St day of June, 2006.
Patrick Hunter, Mayor
ATTEST:
Deborah S. Traffenstedt, City Clerk
Attachment: Exhibit "A"
C� If )\ 1111 1111.9- �[^'`
Resolution No. 2006 -
Page 2
EXHIBIT A
BUDGET AMENDMENT FOR
TRANSFER TO EQUIPMENT REPLACEMENT FUND
FISCAL YEAR 2005/06
FUND ALLOCATION FROM:
Fund
Account Number
Amount
General
1000 -5500
$ 79,000
$ 79,000
$ 79,000
Total
$ 79,000
BUDGET APPROPRIATION:
Account Number
Current Budget
Revision
Amended Budget
1000 - 5110 - 0000 -9820
$ -
$ 79,000
$ 79,000
Total
$ -
$ 79,000
$ 79,000
REVENUE ACCOUNT:
Account Number
Current Budget
Revision
Amended Budget
4003 -3720
$ -
$ 79,000
$ 79,000
Total
$ -
$ 79,000
$ 79,000
Approved as to Form: v