HomeMy WebLinkAboutReso 10-18 Mid year budget adjustments 17-18RESOLUTION NO. 10=18
RESOLUTION OF THE CITY COUNCIL.
OF THE CITY OF MORRO BAY, CALIFORNIA,
APPROVING AMENDMENTS TO THE CITY'S FISCAL YEAR 17118 BUDGET
TO AUTHORIZE VARIOUS ADDITIONAL EXPENDITURES
THE CITY COUNCIL
City of Morro Bay, California
WHEREAS, mid -year adjustments were discussed and approved during the February 27,
2018 Council meeting; and
WHEREAS, payoff of the CaIPERS Safety Fire, Tier one retirement plan side fund on or
before March 1, 2018, would be $301,247, a savings of $7,523; and
WHEREAS, I expenditure meets the City's General Fund Emergency Reserve
Policy Resolution 33-15, anticipating the need to prepare for future CalPERS costs while maintaining
the required minimum reserve levels; and
WHEREAS, after the mid -year budget update presentation and discussion on February 27,
2018, an additional budget adjustment was identified to purchase electronic reporting system for the
Fire Department; and
WHEREAS, after the mid -year budget update presentation and discussion on February 27,
2018, an additional budget adjustment was identified for maintenance and repair of the ice machine.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Morro Bay,
California,
1. The operating budgets of the Cityamended by the additional revenues and
expenditures, as shown on the attached Exhibit 1, that were discussed at the February 27, 2018
Council Meeting.
2. The additional budget adjustment of $21,500 for the purchase of electronic reporting
system out of the Fire Department's Donation Fund (515-2305).
3. The additional budget adjustment of $20,000 from the Harbor Accumulation fund to
the Harbor Capital Fund for the repair and maintenance of the ice machine that is under lease
agreement with Santa Monica Seafood;
4, The Council action on February 27, 2018 to prepay the City's CaIPERS Safety Fire,
Tier 1 side fund on or before March 1, 2018 in the amount of $301,247 using the City's General Fund
Emergency Reserves is hereby ratified.
PASSED AND ADOPTED. by the City Council of the City of Morro Bay at a regular meeting
thereof held on the 13th day of -March 2018, by the following vo#e:
AYES: Irons, Davis, Headding, Makowetski, McPherson
NOES: None
ABSTAIN: None if
ATTEST:
SD/�
NA S ANSON, City Clerk
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