REQUEST FOR CITY COUNCIL ACTION
DATE: 11/01/2023
TO: Honorable Mayor and City Council Members
FROM: Finance Department
SUBJECT:
Title
FISCAL YEAR 2024 QUARTER 1 BUDGETARY ADJUSTMENTS
End
EXECUTIVE SUMMARY:
This staff report asks the Council to consider budgetary adjustments for Fiscal Year 2024 based on the Quarter 1 results and staff recommendations for funding level changes. On a quarterly basis, staff presents an update to the City Council on the current fiscal year revenue and expenditures. As part of the process, departments review the operating and capital improvement project funding levels and provide recommendations for budgetary adjustments For Quarter 1, staff recommends appropriating $1,812,518, increasing revenues by $329,152, and authorizing budget transfers across multiple funds, as noted in Exhibit 1.
RECOMMENDED ACTION:
Recommended action
That the City Council:
a. Appropriate $1,812,518, increase estimated revenues by $329,152, and authorize budgetary transfers across multiple funds as noted in Exhibit 1 - Appropriations, Estimated Revenues, and Transfers.
b. Approve an Exception to Bid to Smith & Loveless, Inc., for the sole source of critical components for lift stations in the amount of $150,000 per fiscal year through June 30, 2027.
i. Authorize the City Manager, or his designee, to issue a purchase order to Smith & Loveless, Inc. in the amount of $150,000 per fiscal year through June 30, 2027, for critical lift stations components pursuant to Corona Municipal Code Section 3.08.140(B), "No competitive market".
ii. Authorize the City Manager, or his designee, to negotiate and execute non-substantive extensions, change orders and amendments up to 10% of total contract cost or $15,000 as authorized by Corona Municipal Code Section 3.08.080(I).
iii. Make a determination under Corona Municipal Code Section 3.08.140(B) that competitive bidding is not required for this purchase based upon the reasons provided in this agenda rep...
Click here for full text