MEMO TO: Members of the City Council
FROM: Mayor John Marchione
SUBJECT:
title
2017-2018 Biennial Budget Adjustment No. 8
a. ORDINANCE NO. 2937: An Ordinance Amending Ordinance No. 2866, as Amended by Ordinance Nos. 2868, 2880, 2885, 2891, 2909, 2915 and 2920 by Making Adjustments to the City's 2017-2018 Biennial Budget, in Exhibit 1
I. RECOMMENDED ACTION
recommendation
Adopt the proposed ordinance amending the 2017-2018 Budget. The adjustment includes changes between the Recreation Activity and Community Events Fund and recognition of new revenue and expenditures in the General Fund, General Governmental Major Maintenance Fund, Development Agreement Fund, Real Estate Excise Tax Fund, Novelty Hill - Water/Wastewater Fund and the Worker's Compensation Fund.
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II. DEPARTMENT CONTACTS
Malisa Files, Finance Director 425-556-2166
Kelley Cochran, Financial Planning Manager 425-556-2748
Nancy Violante, Senior Financial Analyst 425-556-2162
III. DESCRIPTION/BACKGROUND
Periodically the Finance Department adjusts the budget to recognize revenue and expenditure changes during the biennium. These are housekeeping adjustments that can either increase or decrease each of the City's budgeted funds as shown in Exhibit 1. The details of each of the adjustments are outlined below.
Community Events Fund (013) - $71,304
Transfer the budget associated with an Administrative Assistant position from the Senior Center (Recreation Activity Fund 110) to the Community Events Fund as of June 4, 2018. The position was reassigned to support the Events team.
General Governmental Maintenance Project Fund (099) - $11,000,000
Esterra Development Partners LP has completed their contractual obligation for payment of a $4,000,000 fee-in-lieu for an affordable housing multifamily tax exemption. First American Title Company holds $3,000,000 in escrow, and the City has received $1,000,000 in 2018 to be passed through to "A Regional Coalition for Housing" (ARCH) progra...
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