HomeMy WebLinkAbout27- Finance CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
From: BARBARA PACHON, Subject: BUDGET AMENDMENT FOR SPECIAL
DIRECTOR OF FINANCE MUNICIPAL ELECTION ON MARCH 18, 1997
Dept: FINANCE
Date: DECEMBER 4, 1996 03,101NAL
Synopsis of Previous Council action:
12/2/96 - RESOLUTION OF THE SAN BERNARDINO JOINT POWERS FINANCING AUTHORITY AUTHORIZING THE
ISSUANCE OF NOT TO EXCEED $17, 000,000 LEASE REVENUE REFUNDING BONDS (CITY HALL PROJECT)
SERIES 1996, APPROVING THE FORM OF LEGAL DOCUMENTS RELATED THERETO AND AUTHORIZING AND
DIRECTING PREPARATION EXECUTION AND DELIVERY OF THE FINAL FORM THEREOF.
Recommended motion:
THAT THE MAYOR AND COMMON COUNCIL AUTHORIZE THE DIRECTOR OF FINANCE TO AMEND THE FISCAL YEAR
1996-97 BUDGET TO REFLECT THE $115, 000 COSTS OF THE MARCH 18, 1997 SPECIAL MUNICIPAL ELECTION
AND TO REDUCE THE BUDGETED COSTS FOR THE CITY HALL LEASE PAYMENT BY $115, 000.
Signature
Contact person: BARBARA PACHON, DIRECTOR OF FINANCE Phone: x - 5242
Supporting data attached: Ward:
FUNDING REQUIREMENTS: Amount: $115, 000
Source: (Acct. No.) 001-092-5803 $<115, 000>
Acct. Description) 001-032-5505 $115, 000
Finance Z&z ,fA--
Council Notes: EXPENDITURES IN THE NON-DEPARTMENTAL BUDGET WILL BE DECREASED EQUAL TO THE
EXPENDITURES BEING INCREASED IN THE CITY CLERKS BUDGET RESULTING IN A NET IMPACT OF ZERO.
1,414 9lO
Agenda Item No. 47
CITY OF SAN BERNARDINO - REQUEST FOR COUNCIL ACTION
STAFF REPORT
BACKGROUND
On December 2, 1996 the Mayor and Common Council authorized the
refinancing of City Hall by issuance of 1996 lease revenue
refunding bonds in an amount not to exceed $17, 000, 000 .
Under the refinancing, the first payment for City Hall will not
need to be made until the 1997-98 fiscal year. It is estimated
that the City will have at least $115, 000 in budget savings in FY
96-97 since the March 1, 1997 interest payment will not need to be
made for the old COP issue .
The City Clerks office has estimated the total cost of the March
18, 1997 Special Municipal Election to be $115, 000 .
RECOMMENDATION
That the Mayor and Common Council authorize the Finance Department
to make the following amendments to the FY 96-97 budget to reflect
the $115, 000 costs of the March 18, 1997, Special Municipal
Election and to reduce the budgeted costs for the City Hall Lease
payment by $115, 000 .
Increase 001-032-5505 (City Clerk Special Election) $115, 000
Decrease 001-092-5803 (Non Dept . Lease Payment) $<115, 000>
FISCAL IMPACT TO CITY
Because expenditures are being decreased in the Non-Departmental
budget equal to the expenditures being increased in the City
Clerk' s budget, the net effect of this transaction will have no
adverse fiscal impact on the City.