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RANCHO PALOS VERDES CITY COUNCIL MEETING DATE: 05/21/2019 <br />AGENDA REPORT AGENDA HEADING: Regular Business <br /> <br />AGENDA DESCRIPTION: <br /> <br />Consideration and possible action regarding the Fiscal Year 2018-19 General Fund <br />balance and budget adjustments, the FY 2019-20 Preliminary Budget and estimated <br />fund balances for all funds, excluding Improvement Authorities <br /> <br />RECOMMENDED COUNCIL ACTION: <br /> <br />(1) Approve FY 2018-19 budget adjustments based on the third quarter year-end <br />estimates; and <br />(2) Review and approve recommended changes to the Preliminary FY 2019-20 <br />Budget; and <br />(3) Determine that the utility users’ tax (UUT) rate of 3% continues to be a necessary <br />revenue source for the City’s operating and capital improvements and that the <br />current rate of 3% should be maintained; and <br />(4) Determine that the golf tax of 10% continues to be a necessary revenue source <br />for the City’s operating and capital improvements and that the current rate of <br />10% should be maintained. <br /> <br />FISCAL IMPACT: The Preliminary Citywide FY 2019-20 Budget includes total <br />revenues of almost $39.2 million and total expenditures of almost $45.2 million, <br />excluding transfers and Improvement Authorities. Total proposed General Fund <br />revenues are $31.4 million and expenditures are $26.6 million, excluding transfers. <br /> <br />ORIGINATED BY: Trang Nguyen, Deputy Director of Finance <br />REVIEWED BY: Deborah Cullen, Director of Finance <br />APPROVED BY: Doug Willmore, City Manager <br /> <br />ATTACHED SUPPORTING DOCUMENTS: <br />A. FY 2019-20 Preliminary Budget Summary (page A-1) <br />B. Capital Improvement Funding Sheet (page B-1) <br />C. New Capital Project Description (page C-1) <br />D. Budget Adjustments at Third Quarter (page D-1) <br /> <br /> <br />BACKGROUND AND DISCUSSION: <br /> <br />FY 2018-19 General Fund Balance: <br /> <br />During the March 13, 2019, Budget Workshop, Staff presented the FY 2018-19 General <br />Fund year-end estimated revenues and expenditures as of mid-year, and estimated an <br />ending fund balance at June 30, 2019, of approximately $17.6 million. After applying the <br />1