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HomeMy WebLinkAbout20B - APPROP ADJ - YR END 03/04 CITY COUNCIL MEETING DATE: ~ ~ 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 ~I~ 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. 208-1 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 208-2