Title
a. Approve an increase in appropriations for the Economic Development Department (001-1070-8221), Appropriation Unit DEO001 by $636,999 and transfer from the General Fund Contingencies (001-1050-8034), Appropriation Unit CAO020 the amount of $636,999 to fund the reduction in reimbursements received from Successor Agency revenue sources for FY 2012-13; and
b. Authorize the Auditor-Controller's Office to incorporate the approved appropriations to the FY 2012-13 Budget (4/5th vote required). (ADDED VIA ADDENDUM)
report
RECOMMENDATION:
It is recommended that the Board of Supervisors,
a. Approve an increase in appropriations for the Economic Development Department (001-1070-8221), Appropriation Unit DEO001 by $636,999 and transfer from the General Fund Contingencies (001-1050-8034), Appropriation Unit CAO020 the amount of $636,999 to fund the reduction in reimbursements received from Successor Agency revenue sources for FY 2012-13; and
b. Authorize the Auditor-Controller's Office to incorporate the approved appropriations to the FY 2012-13 Budget (4/5th vote required).
SUMMARY/DISCUSSION:
The Economic Development Department (EDD) has reviewed its appropriation units in preparation for the FY 2012-13 year-end close. In the current FY 2012-13 budget, EDD's Economic Opportunity Admin Unit 8221 has existing budgeted expenditures of $1,734,434 for staff salaries and benefits plus $298,497 for services and supplies totaling $2,032,931 with offsetting reimbursements of $1,710,241 resulting in a general fund contribution of $322,690. At this time it is projected that EDD will not receive sufficient reimbursements from outside sources to offset the incurred and projected expenditures for FY 2012-13 and will end the fiscal year $636,999 over its general fund contribution for the Economic Opportunity Admin Unit 8221. Expenditures in Unit 8221 are anticipated to end the fiscal year at $2,016,329, whereas reimbursements are projected to be $1,050,130, resultin...
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