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FC #1 REVIEW AND ADOPT 2002 AMENDED GENERAL FUND BUDGET AND $630,000 BUDGET TRANSFER TO 2003 ADOPTED GENERAL FUND BUDGET By: Diana Lund, Finance Officer Background: Attached for your review and consideration is the 2002 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. Included in the adopted 2002 Adopted General Fund Budget was $630,000 for an aerial ladder fire truck. The construction bid was awarded to General Safety during the Council meeting of August 13, 2002. At year end, 2002, the City had yet to receive the ladder truck, as it was still under construction. The City made no payments for the truck in 2002, therefore, the whole $630,000 will be expensed in 2003. To show this expenditure in the appropriate year, the 2002 Adopted General Fund Budget needs to be reduced by $630,000 and the Adopted 2003 General Fund Budget needs to be increased by $630,000. The attached Amended 2002 General Fund Budget has been reduced by the $630,000. Attached is a listing of the 2002 Adopted General Fund Budget line items and the 2002 Amended Budget requests. The difference between the adopted and amended budget is also shown. Staff Recommendation: Approve attached Resolution #03-01-XXX Amending the 2002 General Fund Budget -and- Approve attached Resolution #03-01-XXX authorizing the transfer of $630,000 from the 2002 Adopted Budget to the 2003 Adopted Budget. Council Action: Motion to recommend Council adopt Resolution #03-01-XXX Amending the 2002 General Fund Budget. -and- Approve attached Resolution #03-01-XXX authorizing the transfer of $630,000 from the 2002 Adopted Budget to the 2003 Adopted Budget.