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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />FEBRUARY 19, 2019 <br />TITLE: <br />CONSIDER APPROPRIATION <br />ADJUSTMENTS RECOMMENDED WITH <br />THE MID -YEAR BUDGET UPDATE <br />{STRATEGIC PLAN NO. 4,1} <br />!Y - <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 15' Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Approve the recommended appropriation adjustments to decrease expenditures by a net <br />$2,527,969, as presented to City Council on February 5, 2019 with the Mid -Year Budget Update. <br />(Requires 5 affirmative votes) <br />DISCUSSION <br />On February 5, 2019, staff provided a Mid -Year Budget Update including updates to revenue <br />estimates with a net increase of $7,018,698, and recommended expenditure appropriation <br />adjustments with a net decrease of $2,527,969. The City Council took no action on the <br />recommended adjustments, and continued the matter to February 19th. The February 5th Mid- <br />year Budget Update report is attached to this report as Exhibit 1. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item allows the City to meet Goal #4 — City Financial Stability, Objective #1, <br />(Maintain a stable, efficient and transparent financial environment). <br />FISCAL IMPACT <br />The net fiscal impact is described above, and outlined in detail in Exhibit 1 to the attached <br />February 5th report. <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Kathryn Do ns, CPA <br />Executive Director <br />Dv - <br />Finance and Management Services Agency <br />Exhibit: 1. February 5, 2019 FY18-19 Mid -Year Budget Update, including exhibits <br />65A-1 <br />