PREPARED BY: ARTURO CASTILLO DATE OF MEETING: 09/03/2024
SUBJECT:
TITLE
CONSIDER ADOPTING RESOLUTION APPROVING AMENDMENT NO. 1 TO THE GENERAL FUND DESIGNATED RESERVES (GFDR) FUND BALANCE OF $5,171,279 FOR FISCAL YEAR 2024-25 TO REFLECT ALL COUNCIL APPROVED APPROPRIATIONS AND REMAINING BALANCE THROUGH JUNE 30, 2024, EFFECTIVE SEPTEMBER 3, 2024
CEQA: This proposed action is not a project as defined by CEQA.
Label
CITY MANAGER RECOMMENDATION
Recommendation
Adopt Resolution
BODY
Council Priority Workplan Compliance Statement:
Continue Fiscal Resilience, Fiscal Excellence and Fiscal Transparency is an adopted City Council Priority contained in the adopted Fiscal Year 2023-2025 City Council Priority Workplan, effective May 1, 2023.
BACKGROUND
Amendment No. 4 to the City's FY 2023-24 General Fund Designated Reserves (GFDR) Fund Balance, which reflected all City Council approved allocations totaling $7,606,461 through December 31, 2023, was previously adopted via Resolution 2023-165 on December 13, 2023.
Initially, the FY 2023-24 GFDR Fund Balance of $7,606,461 included projected proceeds from the sale of land, located on Vale Road from the Lytton Rancheria of California to the City of San Pablo in the amount of $3,050,000. However, on December 28, 2023, the actual sale proceeds received by the City following close of escrow was $3,045,137 resulting in a difference of $4,863, and leaving an adjusted remaining unappropriated GFDR balance of $5,393,923 (i.e., $5,398,786 less $4,863). Thereafter, the City Council approved Amendment No. 5 to the FY 2023-24 GFDR Fund Balance, accounting for all City Council-approved appropriations and the correct proceeds for the sale of land (via Resolution 2024-003 adopted on January 16, 2024), totaling the FY 2023-24 GFDR at $7,601,598.
Total FY 2023-24 GFDR Appropriations thru June 30, 2024
For summary purposes, the following amounts totaling $2,430,319 have been appropriated and expensed via City Council action ...
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