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File #: 19-660    Version: 1 Name:
Type: Consent Item Status: Passed
File created: 10/25/2019 In control: City Council/Public Finance and Economic Development Authority/Parking Authority
On agenda: 11/18/2019 Final action: 11/18/2019
Title: SUBJECT: Approval of a Supplemental Appropriation in Fund 361-Airport Debt Service in the Amount of $6,023 and Transfer to Fund 561- Airport Operations REPORT IN BRIEF Considers approving a supplemental appropriation in Fund 361-Airport Debt Service in the amount of $6,023 and transferring to Fund 561-Airport Operations. RECOMMENDATION City Council - Adopt motion approving a supplemental appropriation in the amount of $6,023 from the unappropriated, unreserved fund balance in Fund 361-Airport Debt Service, and transferring to Fund 561-Airport Operations; and, authorizing the Finance Officer to make the necessary budget adjustment.

 

Report Prepared by: Faye S. Law, Senior Accountant

 

Title

SUBJECT: Approval of a Supplemental Appropriation in Fund 361-Airport Debt Service in the Amount of $6,023 and Transfer to Fund 561- Airport Operations

 

REPORT IN BRIEF

Considers approving a supplemental appropriation in Fund 361-Airport Debt Service in the amount of $6,023 and transferring to Fund 561-Airport Operations.

 

RECOMMENDATION

City Council - Adopt motion approving a supplemental appropriation in the amount of $6,023 from the unappropriated, unreserved fund balance in Fund 361-Airport Debt Service, and transferring to Fund 561-Airport Operations; and, authorizing the Finance Officer to make the necessary budget adjustment.

 

Body

ALTERNATIVES

1.  Approve, as recommended, or

2.  Approve, subject to other than recommended (identify specific findings and/or conditions amended to be addressed in the motion; or

3.  Denny; or

4.  Continue to a future meeting (date and time to be specified in the motion).

 

AUTHORITY

Charter of the City of Merced, Section 1105

 

CITY COUNCIL PRIORITIES

As provided for in the 2019-20 Adopted Budget

 

DISCUSSION

Fund 361-Airport Debt Service was created in Fiscal Year 2008-09 to account for the repayment of a 10 year pooled cash loan used to purchase twenty-one box hangars.  The loan repayments were made from the hangars rental revenues.  The last debt service payment was made in Fiscal Year 2018-19.  There were revenues left in the fund from interest and reserves required to be kept on hand.  In order to close the fund the remaining cash needs to be transferred to Fund 561-Airport Operations.  All future hangar rental revenues will now be received into the operation fund to offset operation costs.

 

IMPACT ON CITY RESOURCES

The $6,023 transfer to Fund 561-Airport Operations will offset operating costs.