County of Monterey - File #: 17-0860

• File #: 17-0860
• Name: Adopt Resolution to Amend FY 16-17 Library Budget
• Type: General Agenda Item
• Status: Passed
• File created: 8/11/2017
• In control: Board of Supervisors
• On agenda: 8/29/2017
• Final action: 8/29/2017
• Title: Adopt a Resolution to: a. Authorize the Auditor-Controller to amend the FY 2016-17 Adopted Budget by reducing the appropriation for contingencies by $409,999.57 (001-1050-8034-CAO020) and increasing appropriations for Other Financing Uses by the same amount (001-1050-8038-CAO017) (4/5ths vote required). b. Authorize an operating transfer in FY 2016-17 to the Monterey County Free Library (003-6110-8141-LIB001) in the amount of $409,999.57, financed by an operating transfer out of $409,999.57 from the CAO - Other Financing Uses (001-1050-8038-CAO017) (4/5ths vote required). (ADDED VIA ADDENDA)

Date	Action By	Action	Result
8/29/2017	Board of Supervisors	approved	Pass

Title
Adopt a Resolution to:
a. Authorize the Auditor-Controller to amend the FY 2016-17 Adopted Budget by reducing the appropriation for contingencies by $409,999.57 (001-1050-8034-CAO020) and increasing appropriations for Other Financing Uses by the same amount (001-1050-8038-CAO017) (4/5ths vote required).
b. Authorize an operating transfer in FY 2016-17 to the Monterey County Free Library (003-6110-8141-LIB001) in the amount of $409,999.57, financed by an operating transfer out of $409,999.57 from the CAO - Other Financing Uses (001-1050-8038-CAO017) (4/5ths vote required). (ADDED VIA ADDENDA)

Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:

Adopt a resolution to:
a. Authorize the Auditor-Controller to amend the FY 2016-17 Adopted Budget by reducing the appropriation for contingencies by $409,999.57 (001-1050-8034-CAO020) and increasing appropriations for Other Financing Uses by the same amount (001-1050-8038-CAO017) (4/5ths vote required).
b. Authorize an operating transfer in FY 2016-17 to the Monterey County Free Library (003-6110-8141-LIB001) in the amount of $409,999.57, financed by an operating transfer out of $409,999.57 from the CAO - Other Financing Uses (001-1050-8038-CAO017) (4/5ths vote required).


SUMMARY/DISCUSSION:

The Adopted FY 2016-17 Budget for the Library included an incorrect revenue projection. Upon receipt of actual revenues for FY 2016-17, the Library budget has a deficit of $409,999.57.

To cover the deficit, it is recommended that the Board authorize the Office of the Auditor-Controller to amend the FY 2016-17 Adopted Budget by reducing the appropriation for contingencies by $409,999.57 (001-1050-8034-CAO020) and increasing appropriations for Other Financing Uses by the same amount and to authorize an operating transfer in for the Monterey County Free Library (003-6110-8141-LIB001) in the amount of $409,999.57, financed by an operating transfer out of $409,999.57 from Other Financing Uses (001-1050-80...