[Council Communication]  [Attachments]

Council Communication

Title:	A Resolution Transferring Appropriations within the 2003-2004 Budget.
Dept:	Finance Department
Date:	June 15, 2004
Submitted By:	Lee Tuneberg, Finance Director
Approved By:	Gino Grimaldi, City Administrator

Synopsis:	This resolution changes the 2003-2004 Budget and keeps the City in compliance with Oregon Budget Law. Transfers at this time of the year recognizing how business activities and projects have changed from what was projected 15 to 18 months ago are normal. The resolution details the transfers needed by fund.
Recommendation:	Staff recommends approval of the attached resolution.
Fiscal Impact:	Adjusts the FY 2003-2004 budget to match anticipated expenditures. This resolution reduces the Street Fund Contingency $142,000; reduces the Electric Fund Contingency $175,000; reduces the Central Service Fund Contingency $10,000; reduces the Insurance Fund Contingency $100,000 and reduces the Equipment Fund Contingency $15,000. It also modifies appropriations between categories in the Street Fund to meet actual needs.
Background:	There are three ways in which to change appropriations after the Budget is adopted. 0 1. A transfer of appropriations decreases an appropriation and increases another. This is the simplest budget change allowed under Oregon Budget law. This does not increase the overall budget. This is approved by a City council resolution. 2. A supplemental budget of less than 10 percent of total appropriations within an individual fund follows a process similar to the transfer of appropriations. 3. A supplemental budget in excess of 10 percent of total appropriations requires a longer process. This process includes a notice in the paper and a public hearing. The first type of budget change is necessary and is the second such transfer requested for FY 2003-2004. Attached is a resolution for your approval. The recommended changes in the budget are explained after each request.
Attachments:	•   Proposed Resolution

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