Laserfiche WebLink
<br />CITY COUNCIL MEETING DATE: <br /> <br />~ <br />~ <br /> <br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />AUGUST 16, 2004 <br />TITLE: <br /> <br />APPROVED <br /> <br />D As Recommended <br />D As Amended <br />D Ordinance on 1 sl Reading <br />D Ordinance on 2nd Reading <br />D Implementing Resolution <br />D Set Public Hearing For <br /> <br />FISCAL YEAR 2003-2004 <br />APPROPRIATION YEAR-END <br />ADJUSTMENT <br /> <br />~I~ <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Approve an appropriation adjustment recognizing fiscal year 2003-2004 <br />revenues of $6,949,335 in the various Redevelopment Project Area Funds <br />and the operating transfer of $258,175 from the General Fund to the <br />Downtown Maintenance Fund. <br /> <br />DISCUSSION <br /> <br />The Accounting and audit processes for the City of Santa Ana, and all <br />governmental entities in the nation, are governed by Generally Accepted <br />Accounting Principles (GAAP), as defined by the Governmental Accounting <br />Standards Board (GASB). In accordance with GAAP, it is necessary for <br />the City Council to formally approve a series of adjustments before <br />completing the City's accounting for the revenue and expenditure <br />transactions of the 2003-2004 fiscal year. <br /> <br />The subject action will recognize and appropriate $6,949,335 in <br />additional tax increment and other unanticipated revenues received <br />including unappropriated balances from prior years in the various <br />project areas and increase the appropriations to fund operating <br />transfers to the various low and moderate housing funds, for <br />rehabilitation loans, payments of pass-throughs, cover various deficit <br />line items, fund capital projects and to set-up and provide funding for <br />the Downtown Maintenance Fund. <br /> <br />208-1 <br />