65A - SURPLUS ALLOCATION PLAN - Laserfiche WebLink

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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: OCTOBER 20, 2015 CLERK OF COUNCIL USE ONLY: TITLE: APPROVED ❑ As Recommended REVIEW AND ADOPT THE FY 2014 -15 ❑ Amended El O Or rdinance on 1� Reading SURPLUS ALLOCATION PLAN, AND ❑ Ordinance on 2" Reading APPROVE APPROPRIATION ❑ Implementing Resolution ADJUSTMENT ❑ Set Public Hearing For {STRATEGIC PLAN NO. 4, 1; 6, 1, 2} CONTINUED TO _/ a Z FILE NUMBER CITY MANAG ' R Recommended Action 1. Review recommendations and adopt a Fiscal Year 2014 -15 Surplus Allocation "List of Projects" for consensus approval by Mayor and City Council: Options • Review options and direct staff to make adjustments to the Fiscal Year 2014 -2015 Surplus Allocation Plan at the discretion of the Mayor and City Council. Approve a combination of surplus eligible projects from the 'List of Projects" and direct staff to appropriate funds in the amounts identified by the Mayor and Council. • Review and approve identified projects that are CDBG eligible according to the discretion of the Mayor and City Council funded by the sale of Bristol Street Remnant Parcels in the amount of $2,000,000. • Review and approve Santa Ana Regional Transportation Center's 'maintenance and improvements' in the amount of $3,800,000 pending completion of city -wide credit analysis indicating the use of the Economic Investment funds would have no adverse impact on the City's credit rating. Approve the establishment of the Council Special Projects Fund (fund 50) and the appropriation adjustment recognizing $11,250,000 from the Fiscal Year 2014 -15 General Fund Balance and appropriating the same to the Council Special Projects Fund expenditure and reserve accounts as outlined in the Surplus Allocation Plan. DISCUSSION During the Fiscal Year 2015 -16 budget approval process, the staff identified a substantial General Fund surplus due to increased revenue and decreased expenditures across the City. It was 65A -1