HomeMy WebLinkAboutB- 5 Equipment Replacement Budget Amendment •
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AZUSA
TO: THE HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: STEVE KENOYER, ACTING FINANCE DIRECTOR
VIA: ROBERT PERSON, ASSISTANT CITY MANAGER
DATE: FEBRUARY 18, 2003
SUBJECT: EQUIPMENT REPLACEMENT BUDGET AMENDMENT
RECOMMENDATION
It is recommended that the City Council authorize the attached Budget Amendment
Request to fund additional equipment replacement. ($1 ,000,000)
BACKGROUND
After budget discussions and upon issuance of the City's FY01/02 financial statements
(Comprehensive Annual Financial Report-CAFR), the City designated unreserved
General Fund balance of $1,000,000 for the purpose of funding additional equipment
replacement. (See Note 24 of the CAFR) A designation does not legally appropriate
funds but rather it earmarks funds.
We would now like to appropriate that designation and transfer funds to the
Equipment Replacement Fund. We are intending to build reserves (retained earnings)
in that fund until it can fully support the equipment replacement needs of the City.
Eventually, the fund will become self-sufficient through depreciation charges.
FISCAL IMPACT
The source of funding for this amendment is fund balance from the General Fund. It
authorizes an operating transfer from the General Fund to the Equipment
Replacement Fund.
0'3(26 /41/9
JA.817/14--
CITY OF AZUSA BUDGET AMENDMENT REQUEST
(New Appropriation) w
Department: Fit
Fiscal Year: ?O o 3 *Round to the highest$10
Requested by: Sg— Date: a /ii/O3
PROJECTED EXPENDITURE(S): FUNDING SOURCE:
Account# Project # Amount* Account # Project # Amount *
0 ._4,00 -000 -3!.05 I coo Oc'O (,000 coo
10-90-e)00-000-595 0 (o09 o00 LO -00--ac.,0-00a- 36,01 ', cool coo
Total: 2, ppv, oo v
Total: 4 0004 000
Reason for Amendment: �� � - 1' r.. G ( Impact on other programs: N/�
1 rib-fer- t
Fu...,A4 f, E.,,:P.,..-1- re Lacc,....f Fu.J .
NOTE: 1.Amendments of$25,000 or less require approval of the Finance Director.
2.Amendments between$25,000 and$100,000 require the approval of the City Manager and the Finance Director.
2.Amendments between$100,000 and$1,000,000 require adoption of a resolution by City Council.
3.Amendments over$1,000,000 shall be approved by City Council following a public hearing.
APPROVAL FINANCE ONLY
Date: 2/11 43 Processed By: _ Date:
Department Head: 5 K—
Finance Director: 5 K
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Date: `'Ill<(O 3 GL Batch: GL Budget Ref:
67,_((..._
Date: 2111/0 ; JL Batch: JL Budget Ref:
City Manager:
Council Approved on: