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<br />CITY COUNCIL MEETING DATE: <br /> <br />~ <br />~ <br /> <br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />SEPTEMBER 6, 2005 <br />TITLE: <br /> <br />FISCAL YEAR 2004-2005 <br />APPROPRIATION YEAR-END <br />ADJUSTMENT <br /> <br />APPROVED <br />o As Recommended <br />o As Amended <br />o Ordinance on 15t Reading <br />o Ordinance on 2nd Reading <br />o Implementing Resolution <br />o Set Public Hearing For <br /> <br />~;ER <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Approve an appropriation adjustment recognizing fiscal year 2004-2005 net <br />revenues of $2,035,125 in the various Redevelopment Project Area Funds, <br />and Housing Authority Funds, the repayment of $204,580 in loan <br />obligations and operating transfers of $819,015 to the Downtown Parking <br />and Maintenance Funds. <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 the <br />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 2004-2005 fiscal year. <br /> <br />The subject action will recognize and appropriate $2,035,125 In <br />additional tax increment and other unanticipated revenues received, and <br />unappropriated balances from prior years in various accounts. The funds <br />will be appropriated to fund payment to the Housing Set-Aside fund, <br />payments of pass-throughs, loan obligations, to cover various deficit <br />line items, and fund capital projects. <br /> <br />20A-1 <br />