PREPARED BY: NORM VELOSO DATE OF MEETING: 01/16/2024
SUBJECT:
TITLE
CONSIDER RESOLUTION APPROVING AMENDMENT NO. 5 TO THE GENERAL FUND DESIGNATED RESERVES (GFDR) FOR FISCAL YEAR 2023-24, EFFECTIVE JANUARY 16, 2024.
CEQA: This proposed action is not a project subject to CEQA.
Label
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
The proposed Amendment #5 to the City’s General Fund Designated Reserves (GFDR) reflects all City Council approved allocations totaling $7,606,461 during FY 2023-24, effective December 31, 2023, via previously adopted Resolution 2023-165.
Of the total $7,606,461 FY 23-24 GFDR, $2,207,675 had been appropriated and expensed resulting in a remaining unappropriated GFDR balance of $5,398,786 from the previously allocated expense items.
|
Reso No. |
Reso Date |
Project Description |
Appropriation |
|
Reso 2023-129 |
08/07/23 |
2600 Moraga Demo Contract |
$1,199,035 |
|
Reso 2023-140 |
09/18/23 |
PD Elevator Repair |
$8,640 |
|
Reso 2023-165 |
12/13/23 |
Sec 115 Trust |
$1,000,000 |
|
|
|
Total: |
$2,207,675 |
The adopted FY 2023-24 GFDR allocation of $7,606,461 via Resolution 2023-165 included projected proceeds from the sale of land located on Vale Road to the Lytton Rancheria of California in the amount of $3,050,000. Actual sale proceeds received on December 28, 2023, was $3,045,137 resulting to a difference of $4,863 and an adjusted remaining unappropriated GFDR balance of $$5,393, 923 ($5,398,786 less $4,863).
Of the remaining unappropriated $5,393,923 GFDR balance, new GFDR allocations are recommended as follows:
|
Description |
Amount |
|
Legal Contract Services-Civica/Telecom |
$55,000 |
|
Economic Development Master Plan |
60,000 |
|
One-Time Budget Balancing Measure (FY 2025-27) |
5,278,923 |
|
Total |
$5,393,923 |
The proposed FY 2023-24 GFDR Amendment #5 is summarized as follows:
FISCAL IMPACT
This action authorizes and approves Amendment #5 of the FY 2023-24 GFDR Fund Balance as of January 16, 2024. Any future appropriation of GFDR Funds requires majority vote approval via adopted resolution.
Attachment:
Att A - Resolution