HomeMy WebLinkAboutStaff Report Item 3.C 9/9/2013 A2NCGGV Itemw#3 . 0
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DATE: September 9,2013,
TO: Honorable Mayor and Members of the City Council through City Manager
FROM: William Mushallo, Finance Director
SUBJECT: Report Outlining the Updated Fund Balance in the Vehicle and Equipment
Replacement Fund.
RECOMMENDATION
It is recommended that the City Council receive this report;detailing the updated fund balance in
fund 7500, Vehicle and Equipment Replacement.
BACKGROUND
In Fiscal Year 2011-12, the'Citypurchased a used ambulance in the amount of$169,347.24.
While the purchase was made in late"FY 12, the actual payment was not made until August 31,
2012, after the end of the fiscal year The cost, therefore,.was accrued in FY 2011-12. The
purchase was reflected in, andreduced the beginning 7/1/2012 Vehicle and Equipment
Replacement Fund balance to $148,467: This amount is listed on page S-4 of the FY 2013-14
budget document.
When the FY 2012-13 budget was prepared, well before the purchase of the ambulance, it was
anticipated that the ambulance°would be purchased in FY 2012-13. An amount of$170,350 that
reflected the purchase was included in the budget. This amount is also reflected in the FY 2013-
14 budget document on page'S-4: That calculated to an ending fund balance of$(20,283), but,
as mentioned above,shows the ambulance purchase coming out of the fund twice.
DISCUSSION
The fiscal yearending,June 30, 2013 is in the process of being.closed out. The ending balance in
fund 7500, Vehicle=and Equipment Replacement, is anticipated to be approximately
$154,345.99. This reflects the ambulance purchase coming out of the fund once, and is correct.
In addition, $100,000 is budgeted as,a transfer in to the'Vehicle and Equipment replacement fund
during FY 2013-14. This transfer is shown on page S-6 of the 2013-14 budget document This
transfer,,along with budgeted revenues of$700, and,budgeted expenditures of$1,000, results in
an available fund:balance'of$254,045:99 projected at June 30, 2014.
Agenda Review:
City Attorney Finance Din. tor s. ity Manager
The September 9, 2013:City Council Agenda includes possible action authorizing purchase of a
demonstration ambulance. This report is intended to clarify fund,balance with respect to the
funding source for that item.
FINANCIAL IMPACTS
When the June 30, 2013.Comprehensive Annual Financial Report is',prepared in.December the
fund balance in the Vehicle and Equipment Replacement Fund will show approximately
$154,345.99. An additional $100,000 is budgeted as a transfer in to the fund in FY 2013-14, and
will be added to the balance.
ATTACHMENTS
1. Pages S-4 and S-6 from'the:FY 2013-14 adopted budget
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City of Petaluma, California
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