Title
Budget Adjustments Third Quarter FY11 - Approval
History
A detailed spreadsheet (by fund) of budget adjustments is attached showing an increase in revenues of $10,298,883 and an increase in expenditures of $10,382,931.
The increase in revenues is due to the following:
• Transfer of funds from the General Fund to the Civic Center in the amount of $1,747 for the funding of non-union salary increases.
• Transfer of funds from the General Fund to the Recreation and Parks Fund in the amount of $45,328 for the replacement of pool pumps.
• Transfer of funds from the General Fund to the Recreation and Parks Fund in the amount of $23,626 for the funding of non-union salary increases.
• Issuance of 2011 General Obligation Refunding Bonds in the amount of $9,995,000.
• Premium on 2011 General Obligation Refunding Bonds in the amount of $233,182.
The increase in expenditures is due to the following:
• Non-union salary increases in the Recreation and Parks Fund and Civic Center in the amount of $25,373.
• Pool pumps replacement in the amount of $45,328.
• Principal, interest and paying agent fees for the 2011 General Obligation Refunding Bonds in the amount of $84,284.
• Transfer to escrow for advance refunding of 2003 General Obligation Bonds in the amount of $10,070,475.
• Bond issuance costs for the 2011 General Obligation Refunding Bonds in the amount of $157,471.
On October 3, 2011, this item was reviewed and approved by the Finance Committee and referred to the Board for approval.
Financial Impact
The attached spreadsheet identifies the budget impact.
Recommended Action/Motion
I move to approve increasing the FY2011 revenue budget by $10,298,883 and increasing the FY2011 expenditure budget by $10,382,931.