HomeMy WebLinkAbout14 - 04BA-058 - Increase Revenue EstimatesCITY OF NEWPORT BEACH
CITY COUNCIL STAFF REPORT
Agenda Item No. 14
May 11, 2004
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: LIBRARY SERVICES
LINDA KATSOULEAS, LIBRARY SERVICES DIRECTOR, 949 - 717 -3810
Ikatsouleas @city.newport- beach.ca.us
SUBJECT: BUDGET AMENDMENT TO INCREASE REVENUE ESTIMATES WITH AN
UNANTICIPATED REVENUE OF DIRECT LOAN REIMBURSEMENT FROM
THE STATE OF CALIFORNIA AND TO APPROPRIATE SPECIFIED FUNDS
TO A REVENUE ACCOUNT AND AN EXPENDITURE ACCOUNT.
Approve a budget amendment to increase revenue estimates by $83,472.48 to 450 -5919, the amount of
an additional CSLA direct loan payment to the Newport Beach Public Library, and to appropriate $1,000 to
expenditure account 7451- C5100756 for ground breaking ceremonies on June 10, 2004 for the new
Mariners Library.
DISCUSSION:
The transfer of unanticipated revenue into the Building Mariners Library Fund will assist the City in funding
the unexpected overage in the cost of building Mariners Library. This overage was created by worldwide
steel shortages caused by extensive building in China and Iraq. Industry publications are not optimistic
about any change in the availability of steel in the next few years.
Based on information available during the preparation of the City's fiscal year 2003/2004 budget, staff did
not anticipate receipt of California State Library funds. Former Governor Davis had promised to "blue
pencil" State support for public libraries. The State Legislature reinstated the public library funding at the
last moment and the current Governor has left the Direct Loan Reimbursement Fund in place.
The Newport Beach Library Board of Trustees met on April 20 to discuss possible requests to the City
Council for use of this check, the fourth received this fiscal year. The unexpected overage in the costs of
building the new Mariners Library makes this expense the first priority of the Board of Library Trustees.
Fundraising by the Build a Mariners Library Committee will continue, however, this unanticipated revenue
will reduce the current overage by about 30 %. The Board of Library Trustees respectfully requests this
unanticipated revenue be used for Build a Mariners Library expenses.
Submitted by:
O
Li a Katsoule
Library Se ' es Director
I I
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FUND NO. FUND NAME 06-076937
H THE TREASURER OF THE STATE WILL PAYOUT OF THE 0001 GENERAL FUND
IDENTIFICATION NO. MO. I DAY I YR.
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1 1 06076937
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--- NEWPORT BEACH PUBLIC LIBRARY
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CALIFORNIA STATE CONTROLLER
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City of Newport Beach
BUDGET AMENDMENT
2003 -04
EFFECT ON BUDGETARY FUND BALANCE:
Increase Revenue Estimates
X Increase Expenditure Appropriations
Transfer Budget Appropriations
SOURCE:
from existing budget appropriations
X from additional estimated revenues
from unappropriated fund balance
EXPLANATION:
NO. BA- 04BA -053
AMOUNT: $a3,a7z.aa
X Increase in Budgetary Fund Balance
AND Decrease in Budgetary Fund Balance
No effect on Budgetary Fund Balance
This budget amendment is requested to provide for the following:
To increase revenue estimates by $83,472.48 due to an unanticipated revenue
from CSLA direct loan reimbursement and to appropriate $1,000.00 for the ground breaking
ceremonies for the new Mariners Library.
ACCOUNTING ENTRY:
BUDGETARY FUND BALANCE
Fund Account
450 3605
REVENUE ESTIMATES (3601)
Fund /Division Account
450 5919
EXPENDITURE APPROPRIATIONS (3603)
Description
Description
Mariners Library Donation
Signed:
Signed:
Administrative Approval: City Manager
Amount
Debit Credit
$82,472.48
$83,472.48
$1,000.00
Director Date
S ai
to
Signed:
City Council Approval: City Clerk Date
Description
Division
Number
7451 Mariners Library
Account
Number
C5100756 Mariners Library - Groundbreaking
Division
Number
Account
Number
Division
Number
Account
Number
Division
Number
Account
Number
Signed:
Signed:
Administrative Approval: City Manager
Amount
Debit Credit
$82,472.48
$83,472.48
$1,000.00
Director Date
S ai
to
Signed:
City Council Approval: City Clerk Date
City of Newport Beach ISO. BA- 04BA -058
BUDGETAMENDMENT
2003 -04 AMOUNT: $s3,a7z.aa
EFFECT ON BUDGETARY FUND BALANCE:
X Increase Revenue Estimates X Increase in Budgetary Fund Balance
X Increase Expenditure Appropriations AND Decrease in Budgetary Fund Balance
Transfer Budget Appropriations No effect on Budgetary Fund Balance
SOURCE:
from existing budget appropriations
X from additional estimated revenues
from unappropriated fund balance
EXPLANATION:
This budget amendment is requested to provide for the following:
To increase revenue estimates by $83,472.48 due to an unanticipated revenue
from CSLA direct loan reimbursement and to appropriate $1,000.00 for the ground breaking
ceremonies for the new Mariners Library.
ACCOUNTING ENTRY:
BUDGETARY FUND BALANCE
Fund Account
450 3605
REVENUE ESTIMATES (3601)
Fund /Division Account
450 5919
EXPENDITURE APPROPRIATIONS (3603)
Description
Description
Mariners Library Donation
Signed
Signed:
Signed:
City Council Approval: City Clerk
Amount
Debit Credit
$82,472.48
$83,472.48
$1,000.00
Date
e
Date
Description
Division
Number
7451 Mariners Library
Account
Number
C5100756 Mariners Library - Groundbreaking
Division
Number
Account
Number
Division
Number
Account
Number
Division
Number
Account
Number
Signed
Signed:
Signed:
City Council Approval: City Clerk
Amount
Debit Credit
$82,472.48
$83,472.48
$1,000.00
Date
e
Date