REQUEST FOR CITY COUNCIL ACTION
DATE: 02/07/2024
TO: Honorable Mayor and City Council Members
FROM: Finance Department
SUBJECT:
Title
FISCAL YEAR 2024 QUARTER 2 BUDGETARY ADJUSTMENTS
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EXECUTIVE SUMMARY:
This staff report asks the Council to consider budgetary adjustments for Fiscal Year 2024 based on the Quarter 2 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 2, staff recommends appropriating $950,651, and authorizing cash transfers across multiple funds, as noted in Exhibit 1.
RECOMMENDED ACTION:
Recommended action
That the City Council:
a. Appropriate $950,651 and authorize cash transfers across multiple funds as noted in Exhibit 1 - Appropriations, Estimated Revenues, and Transfers.
b. Authorize a contingency increase for the purchase order with Voltaire Engineering, Inc. (PO# P23126) from 10% ($41,358) up to 20% ($82,716) for additional soil cement quantities and planting beyond the original construction drawings for the Dominguez Ranch Slope Improvements Project, No. FC-2023-03.
c. Authorize the City Manager, or his designee, to execute a change order with Voltaire Engineering, Inc., based on the revised contingency amount.
That the Corona Utility Authority review, ratify, and to the extent necessary, direct that the City Council take the above action.
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BACKGROUND & HISTORY:
On a quarterly basis, the Finance Department provides a budget update to the City Council. As part of the quarterly process, departments provide operating and Capital Improvement Project (CIP) adjustments that need to be addressed in the fiscal year (FY). The Finance Department prepares a consolidated request for the City Council's consideration.
ANALY...
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