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 rem...
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