Agenda - Council - 02/12/2008 - Laserfiche WebLink

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• • LJ Consent .# ' 1 REVIEW AND ADOPT 2007 AMENDED GENERAL FUND AND $420,000 BUDGE_ T TRANSFER TO 2008 ADOPTED GENERAL FUND BUDGET By: Diana Lund, Finance Officer Background: Attached for your review and consideration is the 2007 Amended General Fund Budget. The City is required to amend their adopted budgets annually to reflect more accurately the actual expenditures and revenues of the City for that proposed year. Please note that these are not final numbers nor do they represent the true amount of excess revenue for the year-end transfer. The amount of excess revenue is determined after the application of the applicable policy and after all financial records have been finalized. Included in the adopted 2007 Adopted General Fund Budget was $360,000 for the replacement of fire engine #1 and $60,000 for the water tank of the water truck that was purchased in 2007. At year end 2007, the City has yet to receive the fire truck and water tank. The City made no payments for either of these items in 2007; therefore, the entire $420,000 will be expensed in 2008. To show this expenditure in the appropriate year, the 2007 Adopted General Fund Budget needs to be reduced by $420,000 and the Adopted 2008 General Fund Budget needs to be increased by $420,000. The attached Amended 2007 General Fund Budget has been reduced by $420,000. Attached is a listing of the 2007 Adopted General Fund Budget line items and the 2007 Amended Budget requests. The difference between the adopted and amended budget is also shown. Funding Source: None Required. Staff Recommendation: Approve attached Resolution #08 -02 -XXX Amending the 2007 General Fund Budget -and- Approve attached Resolution #08 -02 -XXX authorizing the transfer of $420,000 from the 2007 Adopted General Fund Budget to the 2008 Adopted General Fund Budget. Council Action: _71_