HomeMy WebLinkAbout20B - APPROP ADJ - YR END 03/04
CITY COUNCIL MEETING DATE:
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REQUEST FOR
COUNCIL ACTION
CLERK OF COUNCIL USE ONLY:
AUGUST 16, 2004
TITLE:
APPROVED
D As Recommended
D As Amended
D Ordinance on 1 sl Reading
D Ordinance on 2nd Reading
D Implementing Resolution
D Set Public Hearing For
FISCAL YEAR 2003-2004
APPROPRIATION YEAR-END
ADJUSTMENT
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CONTINUED TO
FILE NUMBER
RECOMMENDED ACTION
Approve an appropriation adjustment recognizing fiscal year 2003-2004
revenues of $6,949,335 in the various Redevelopment Project Area Funds
and the operating transfer of $258,175 from the General Fund to the
Downtown Maintenance Fund.
DISCUSSION
The Accounting and audit processes for the City of Santa Ana, and all
governmental entities in the nation, are governed by Generally Accepted
Accounting Principles (GAAP), as defined by the Governmental Accounting
Standards Board (GASB). In accordance with GAAP, it is necessary for
the City Council to formally approve a series of adjustments before
completing the City's accounting for the revenue and expenditure
transactions of the 2003-2004 fiscal year.
The subject action will recognize and appropriate $6,949,335 in
additional tax increment and other unanticipated revenues received
including unappropriated balances from prior years in the various
project areas and increase the appropriations to fund operating
transfers to the various low and moderate housing funds, for
rehabilitation loans, payments of pass-throughs, cover various deficit
line items, fund capital projects and to set-up and provide funding for
the Downtown Maintenance Fund.
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Fiscal Year 2003-04 Appropriation
Year-End Adjustment
August 16, 2004
FISCAL IMPACT
Approval of the appropriation adjustment will allocate funds in the
amount of $6,949,335 in the Redevelopment Project Areas (Funds 511, 521,
530, 531, 550, 551, 552 and 561), Housing Set-Aside Funds (Funds 502,
503, 504, 505 and 506) and the Downtown Maintenance Fund (Fund 407) .
APPROVED AS OF FUNDS AND ACCOUNTS:
patricia C. Whitaker
Executive Director
Community Development Agency
, . oloma
I.$xecu ve Director
rFinance & Management Services Agency
PCW/AU/TR
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