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RESOLUTION NO. 15-2007
APPROVING THE MID-YEAR ADJUSTMENTS TO THE
FISCAL YEAR 2006-07 FINANCIAL PLAN
WHEREAS, all revenue and expenditure projections, which were made in preparing the
Fiscal Year 2005-06 Financial Plan have been reviewed; and
WHEREAS, the following mid-year adjustments to the General Fund 2006-07 Financial
Plan are recommended to reflect changes in revenues, appropriate designated funds for
current year operational activities, meet increased expenditure needs and updated
program responsibilities and to continue balancing expenditures with available revenues
and reserves:
. An increase of $450,000 in property tax revenue category of the General Fund:
$300,000 due to increases in assessed values and $150,000 due to an increase in
the VLF Swap payment from the state;
. A reduction of $150,000 in Transfer Tax revenue in the General Fund reflecting
the slow down in housing sales;
. An increase of $88,000 of Miscellaneous Revenues in the General Fund due to an
Insurance Rebate received from the Municipal Pooling Authority;
. An increase of $49,000 in Intergovernmental Revenues in the General Fund due
to funds received from the state for reimbursement of Booking Fees;
. An appropriation of $50,000 of previously designated funds for economic
development to be used for the first membership payment in the Tri-Valley
Visitor's Convention Bureau;
. An increase of $207,000 in Development Fees revenue in the Building and '271 -
'Planning Special Revenue Fund due to increased permitting activity in the
Building Department;
. An additional appropriation of $151,600 in Contract Plan Check expenditures in
the Building Services program to process increased permitting activity;
. An increase of $110,000 in incremental property tax revenue in the CDA Debt
Service fund;
. An increase of $70,000 in incremental property tax revenue in the CDA Low and
Moderate Income Housing Debt Service fund;
. An interdepartmental Transfer of $155,000 for Contracted Signal Maintenance
from the Street Maintenance Department to the Transportation Services
Program;
. Designation of all funds remaining in the Sycamore Valley Assessment district
Debt Service Fund for the future benefit of the district.
WHEREASf sufficient funding is available in the Town's funds; nowf thereforef be it
RESOL VEDf that the Danville Town Council approves the mid-year adjustments to the
Fiscal Year 2006-07 Financial Plan.
APPROVED, by the Danville Town Council at a regular meeting held on March 6f 2007,
by the following vote:
AYES:
NOES:
ABSTAINED:
ABSENT:
Shimansky, Andersen, Arnerich, Doyle, Stepper
None
None
None
,..
?l~ K. ~~
APPROVED AS TO FORM:
~13 'G:
CITY ATIORNEY J
,
ATTEST: