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RANCHO PALOS VERDES CITY COUNCIL <br />MEETING DATE: 05/16/2017 <br />AGENDA REPORT AGENDA HEADING: Regular Business <br />AGENDA DESCRIPTION: <br />Consideration and possible action regarding the FY16-17 General Fund Year-end and <br />FY17-18 Preliminary Budget and estimated fund balances. <br />RECOMMENDED COUNCIL ACTION: <br />(1) Review and approve recommended FY16-17 Year-end estimates <br />(2) Review and approve recommended changes to the Preliminary FY17-18 Budget; <br />(3) Determine that the utility users' tax (UUT) rate of 3% continues to be necessary <br />revenue source for the City's operating and capital improvements, and that the <br />current rate of 3% should be maintained. <br />FISCAL IMPACT: Projected increase in 2016-17 revenues of $370,028 and an <br />increase in expenditures of $360,385 <br />Current Budget: Revenues: $29,050,368 (excluding transfers) <br />Expenditures: $25,249,892 (excluding transfers) <br />Additional Appropriation: None <br />Revised Budget: Revenues: $29,420,396 (excluding transfers) <br />Expenditures: $25,610,277 (excluding transfers) <br />Account Number(s): Various <br />ORIGINATED BY: Allan Kaufman, Senior Administrative Analyst <br />REVIEWED BY: Deborah Cullen, Director of Finance <br />1-11 T <br />APPROVED BY: Doug Willmore, City Manager./`F` <br />ATTACHED SUPPORTING DOCUMENTS: <br />A. FY17-18 Preliminary Budget Summary (page A-1) <br />B. Capital Improvement Funding Sheet (page B-1) <br />C. Capital Project Data Sheets (page C-1) <br />BACKGROUND AND DISCUSSION: <br />FY16-17 General Fund Balance Update: <br />During the April 10, 2017, Budget Workshop, Staff presented an estimated General <br />Fund balance at June 30, 2017, of $14.9 million. After applying the City Council's 50% <br />1 <br />