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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />CLERK OF COUNCIL USE ONLY: <br />AUGUST 7, 2006 <br />TITLE: <br />FISCAL YEAR 2005-2006 <br />APPROPRIATION YEAR-END ADJUSTMENT <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1" Reading <br />^ Ordinance on Intl Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For <br />J ~~----- <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CONTINUED TO <br />FILE NUMBER <br />Approve an appropriation adjustment recognizing fiscal year 2005-2006 net <br />revenues of $2,058,765 in the various Redevelopment Project Area Funds, <br />$5,007,620 in the Housing Set-Aside Funds, $200,000 in the Regional <br />Transportation Fund, and $175,000 in the Downtown Maintenance Fund. <br />DISCUSSION <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. In accordance with GAAP, any adjustments to the <br />appropriations should be approved by the City Council. The adjustments <br />proposed in this appropriation adjustment are needed prior to completing <br />the City's accounting for the revenue and expenditure transactions for <br />the 2005-2006 fiscal year. <br />The subject action will recognize and appropriate additional tax <br />increment, other unanticipated revenues received, and unappropriated <br />balances from prior years in various accounts. The funds will be <br />appropriated to fund: required allocations to the Housing Set-Aside <br />fund, payments of pass-throughs, loan obligations, various deficit line <br />items, and capital projects. <br />20A-1 <br />