HomeMy WebLinkAboutReso 88-2006
RESOLUTION NO. 88-2006
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLlJT'ION AMENDING TI-IE 2006-07 BlJDGET'
FO R CI-IAN G ES ID EN'T'IFIED IN rrllE FIRST'
QlJAKrER FINANCIAL REVIEW
WHEREAS, it is reCOlTIlTIended that the City Council review the 2006-07 1 st Quarter
Financial Report and approve the 1 st Quarter 2006-07 Budget Alnendlnent Changes
sumlTIarized as "Attachment A" hereto.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of South
San Francisco that the City Council hereby amends the 2006-07 Budget for the six itelTIS
shown in Attachment A, with revenues increasing by $3,682,720 and expenditures increasing
by $1,639,702.
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I hereby certify that the foregoing Resolution was regularly introduced and adopted
by the City Council of the City of South San Francisco at a regular Ineeting held on the 8th
day ofNovelnber 2006 by the following vote:
AYES:
Councilmembers Mark N. Addiego, Pedro Gonzalez and Karvl Matsumoto,
Vice Mayor Richard A. Garbarino and Mayor Joseph A. Femekes
NOES:
ABSTAIN:
ABSENT:
ATTEST:
Attachment A, Budget Amendment Changes
Revenues Expenses
Increase in General Fund Property Taxes, from updated information
provided by County controller in October. $500,000
Increase in Redevelopment Property Tax Increment, net of County Admin
2 fees. Also reflects higher October allocation. $2,925,720
Increase in Redevelopment transfers to Low Moderate Income Housing
Fund. As tax increment goes up, the required 20% payment to the Low
3 Moderate Income Housing Fund also goes up. $611,257
Increase in Redevelopment pass through payments to taxing entities. As
tax increment increases, so do payments to the other taxing entities per
4 Redevelopment Law and contractual pass through obligations $771,445
Increase in Gas Tax dollars from the State. Reflects final State budget
5 release of prior year gas tax allocations. $257,000
Increase in Street Resurfacing Capital Improvement Budget (Project 0701).
Staff recommends that the resurfacing project be increased with the
6 additional gas tax dollars. $257,000
Total $3,682,720 $1,639,702