HomeMy WebLinkAbout20A - FY 04-02 YEAR END ADJUSTMENT
CITY COUNCIL MEETING DATE:
~
~
REQUEST FOR
COUNCIL ACTION
CLERK OF COUNCIL USE ONLY:
SEPTEMBER 6, 2005
TITLE:
FISCAL YEAR 2004-2005
APPROPRIATION YEAR-END
ADJUSTMENT
APPROVED
o As Recommended
o As Amended
o Ordinance on 15t Reading
o Ordinance on 2nd Reading
o Implementing Resolution
o Set Public Hearing For
~;ER
CONTINUED TO
FILE NUMBER
RECOMMENDED ACTION
Approve an appropriation adjustment recognizing fiscal year 2004-2005 net
revenues of $2,035,125 in the various Redevelopment Project Area Funds,
and Housing Authority Funds, the repayment of $204,580 in loan
obligations and operating transfers of $819,015 to the Downtown Parking
and Maintenance Funds.
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 2004-2005 fiscal year.
The subject action will recognize and appropriate $2,035,125 In
additional tax increment and other unanticipated revenues received, and
unappropriated balances from prior years in various accounts. The funds
will be appropriated to fund payment to the Housing Set-Aside fund,
payments of pass-throughs, loan obligations, to cover various deficit
line items, and fund capital projects.
20A-1
Fiscal Year 2004-05 Appropriation
Year-End Adjustment
September 6, 2005
Page 2
FISCAL IMPACT
Approval of the appropriation adjustment will allocate funds in the
amount of $2,035,125 in the Redevelopment Project Areas (Funds 511, 520,
521, 530, 531, 540, 541, 550, 551, 552, 558, 560, and 561), the Housing
Authority (Fund 139), the Downtown Parking Fund (Fund 27), and the
Downtown Maintenance Fund (Fund 407) .
APPROVED AS TO FUNDS AND ACCOUNTS:
patricia C. Whitaker
Executive Director
Community Development Agency
"::t ~~~~ ~..)
Francisco Gutierrez
Executive Director
Finance & Management
\\ ~~. .
-
(v.I
Services AgencYfr
PCW/NE/mlr'
H:\ACTIONS\2005 CC\FY2004-05AppropriationYE Adj
9-6-05.doc
20A-2