File #: 15-0716    Name: Fund 452_Lake Deficit
Type: General Agenda Item Status: Passed
File created: 6/19/2015 In control: Board of Supervisors
On agenda: 7/7/2015 Final action: 7/7/2015
Title: a. Approve and authorize the Auditor-Controller to increase FY 2014-15 appropriations by $1,383,583 in General Fund CAO Other Financing Uses - Fund 001 Department 1050 Appropriation CAO017 Unit 8038 Object 7614, financed by the use of unassigned fund balance remaining in General Fund 001 from FY2014-15 (4/5 vote required). b. Authorize the transfer of $1,383,583 from General Fund CAO Other Financing Uses - Fund 001 Department 1050 Appropriation CAO017 Unit 8038 Object 7614 to Parks Fund 452 Department 7500 Appropriation PAR004 Unit 8391 Object 5940. (ADDED VIA ADDENDUM)
Attachments: 1. Board Report.pdf, 2. Completed Board Order, 3. Revised Board Order

Title

a. Approve and authorize the Auditor-Controller to increase FY 2014-15 appropriations by $1,383,583 in General  Fund  CAO Other Financing Uses - Fund 001 Department 1050 Appropriation CAO017 Unit 8038 Object 7614, financed by the use of unassigned fund balance remaining in General Fund 001 from FY2014-15 (4/5 vote required). 

b. Authorize the transfer of $1,383,583 from General Fund CAO Other Financing Uses - Fund 001 Department 1050 Appropriation CAO017 Unit 8038 Object 7614 to Parks Fund 452 Department 7500 Appropriation PAR004 Unit 8391 Object 5940. (ADDED VIA ADDENDUM)

 

Report

RECOMMENDATION:

It is recommended that the Board of Supervisors:

a. Approve and  authorize the Auditor-Controller to increase FY 2014-15 appropriations by $1,383,583 in General  Fund  CAO Other Financing Uses - Fund 001 Department 1050 Appropriation CAO017 Unit 8038 Object 7614, financed by the use of unassigned fund balance remaining in General Fund 001 from FY2014-15 (4/5 vote required). 

b. Authorize the transfer of $1,383,583 from General Fund CAO Other Financing Uses - Fund 001 Department 1050 Appropriation CAO017 Unit 8038 Object 7614 to Parks Fund 452 Department 7500 Appropriation PAR004 Unit 8391 Object 5940.

 

SUMMARY/DISCUSSION OF FINANCIAL STATUS REPORT:

On May 20, 2015, the Parks Department presented the FY 2014-15 Financial Status Report (through April 2015) for Parks Fund 452 to the Board of Supervisors’ Budget Committee.   The fund was projected to end FY 2014-15 with a shortfall and would require a subsidy of $1,383,583 to balance the budget by the end of FY 2014-15. 

 

The subsidy needed to cover the estimated deficit in Parks Fund 452 remains at $1,383,583.

 

OTHER AGENCY INVOLVEMENT:

This report was received by the Board of Supervisors’ Budget Committee on June 24, 2015.

 

FINANCING:

The transfer in of $1,383,583 into Parks Fund 452 Department 7500 Appropriation PAR004 Unit 8391 Object 5940 is financed by the use of unassigned fund balance remaining in General Fund 001 from FY2014-15.

 

Prepared by: Nina DeMello, Finance Manager

Approved by: Mark Mariscal, Director of Parks and Recreation