HomeMy WebLinkAbout1993-04-13 - AGENDA REPORTS - TRANSIT MID YEAR BUDGET (2)AGENDA REPORT
CONSENT CALENDAR.
DATE: April 13, 1993
City Manager
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Item to be presented by: f�SeV }tali"
Jeff Kolin. Deput City M�ti__"ger
SUBJECT: TRANSIT MID -YEAR BUDGET ADJUSTMENT
DEPARTMENT: Public Works
BACKGROUND
This item is on the agenda as a result of staff's mid -year review of the 55 -Fund (Transit)
operating accounts. The purpose of this item is to more accurately reflect estimated
expenditures and revenues for the remaining fiscal year. .
After review of Transit's mid -year expenditures and revenues, staff recommends the
following budget adjustments. It is necessary to increase appropriations to various 55 Fund
accounts by a total of $573,000 and increase revenue estimates by $878,000.
With regard to expenditures, the mid -year adjustments reflect three principle changes since
the FY 92-93 budget was prepared:
1. Reporting of budget estimates from net costs to gross costs. For the latter, gross
reporting means farebox revenues are not subtracted from the cost estimates.
2. City Council action increasing local and commuter service.
3. Approved additional professional services for customer service, transit consulting and
performance evaluation.
With regard to revenues, armed with more information at mid -year, staff found new sources of
revenue or more revenue than had been estimated during the FY 92-93 budget process.
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Agenda Item:
Agenda Report
April 13, 1993
TRANSIT MID -YEAR BUDGET ADJUSTMENT
Page Two
RECOMMENDATION
That the City Council:
1. Authorize increase appropriations in the following accounts by the following amounts:
Accounts
From
To
Difference
18-6801-227
$1,496,000
$1,733,000
$237,000
18-6802-227
589,000
687,000
98,000
18-6803-227
483,000
689,000
206,000
18-6807-227
120,000
88,000
(32,000)
18-6800-227
23.000
87.000
64.000
Total
$2,711,000
$3,2849000
$573,000
2. Authorize revenue changes in the following funds by the following amounts:
Fund
From
To
Difference
Proposition A
$1,560,700
$1,583,000
$ (67,000)
County Contrib.
360,000
420,000
60,000
Farebox
381,000
477,000
96,000
Interest Income
1,000
111,000
110,000
Fast/Track*
0
230,000
230,000
Prop C Disc.*
0
200,000
200,000
Section 18*
0
131,000
131,000
AB 2766*
0
120,000
120.000
Total
$ 880,000
* New source of revenue
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