Item 32: Amending Funds for Parkland Acquisition and Park Improvements

[COSM_Admin]

Consider approval of Ordinance 2022-55, on the first of two readings, amending certain funds in the City’s 2021-2022 Fiscal Year Budget to authorize the use of funds for one-time non-recurring items such as parkland acquisition and park improvements; including procedural provisions; and declaring an effective date.

 

[JHughson]

Usually when I see budget amendments, there are two accounts shown with an increase in one account and a related decrease in another. I only see an increase in Parkland Fee-in-Lieu but not the fund where the decease will occur in the ordinance. It's in the ARF text, but not in the ordinance. Exhibit A shows what I would expect to see. I see that the Ordinance states, in Section 1, this is summarized but still nothing about the source of funds. Seems odd to me.

Please advise.

 

[COSM_Admin]

Response from Anna Miranda, Interim Finance Director:
The Ordinance reflects an increase in expenditures of $300,000. The Source of funds is the fund balance in Parkland Fee-in-Lieu fund. Overall fund balance will decrease by $300,000. The current fund balance in Parkland Fee–in–Lieu fund is $958,730.