Title
The Parks Lake & Resort Operations Fund 452 under-performed during FY 2013-14, rendering a fund deficit of approximately $2,400,000 and an additional $580,000 fund deficit for a FY 2012 Loan that needs to be reclassified, rendering a total FY 2013-14 deficit of $2,980,000. To address the deficit, certain fiscal transactions are recommended;
a. Approve and authorize the cancellation of $1,542,275 from the Contingency Designation Account (Fund 001-3113) to General Fund Balance (Fund 001-3101) with a $1,542,275 appropriation increase in the CAO (Fund 001-1050-8038-CAO017) for FY 2013-14, to use as a source to address the Parks Lake & Resort Operations Fund 452 FY 2013-14 shortfall (4/5th vote required); and
b. Approve and authorize the transfer of $1,437,725 from the General Fund Contingencies (001-1050-8034-CAO020) and an appropriation increase of $1,437,725 in CAO (Fund 001-1050-8038-CAO017) for FY 2014, to use as the remaining source to address the Parks Lake & Resort Operations Fund FY 2013-14 deficit (4/5th vote required). (ADDED VIA ADDENDUM)
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors take the following actions:
The Parks Lake & Resort Operations Fund 452 under-performed during FY 2013-14, rendering a fund deficit of approximately $2,400,000 and an additional $580,000 fund deficit for a FY 2012 Loan that needs to be reclassified, rendering a total FY 2013-14 deficit of $2,980,000. To address the deficit, certain fiscal transactions are recommended;
a. Approve and authorize the cancellation of $1,542,275 from the Contingency Designation Account (Fund 001-3113) to General Fund Balance (Fund 001-3101) with a $1,542,275 appropriation increase in the CAO (Fund 001-1050-8038-CAO017) for FY 2013-14, to use as a source to address the Parks Lake & Resort Operations Fund 452 FY 2013-14 shortfall (4/5th vote required);
b. Approve and authorize the transfer of $1,437,725 from the General Fund Contingencies (001-1050-8034-CA...
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