HomeMy WebLinkAbout16 - Budget Appropriation for the CentennialCITY OF NEWPORT BEACH
CITY COUNCIL STAFF REPORT
Agenda Item No. 16
September 12, 2006
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Recreation and Senior Services
Marie Knight, Director— 644 -3157 — mknight @city.newport- beach.ca.us
SUBJECT: Budget Appropriation for the Centennial
RECOMMENDATION
Recommend that the Council approve a budget amendment to appropriate previously approved
funds to the Centennial Celebration and revenues raised in this fiscal year.
Increase expenditure account 0129 -8250 – City Centennial Account $350,000
Increase revenue account 0129 -5901 –Centennial Donations $237,000
BACKGROUND
At the January 11, 2005 meeting the City Council authorized $114,000 necessary to publish a
commemorative book, with the intent that these funds would be offset by the revenues
received. In addition, $10,000 was appropriated for initial start-up costs related to the
Centennial.
At the June 28, 2005 Study Session staff first presented an estimate of the Centennial
Celebration budget that included expenses and projected revenues. At that time, staff
estimated a budget of $1,272,200 in expenses and the volunteer Sponsorship Development
Committee pledged to raise between $640,000 and $800,000 to offset these costs.
At the March 8, 2005 meeting the City Council approved several appropriations for the
Centennial Budget. The first of $175,700 was to cover administrative costs associated with the
Centennial and the contract services for Dinwiddie Events for assistance in the management of
the Centennial. The second was in the amount of $350,000 to cover the cost of Centennial
related expenses in the event that the fund raising efforts did not exceed the projected amount
pledged.
DISCUSSION
The yearlong Centennial Celebration will come to a close with the final event on October 8,
2006. Attachment A is an updated report outlining the original revenue and expense estimates
as well as the current status of the budget. Overall, the Centennial Celebrations from an
expense perspective are estimated to come in after the final event lower than originally
proposed and are anticipated to end with a total of $1,183,124. The revenues raised to date,
not including City Funding or any projected revenue from book sales is $722,740. Once the
original two City fund appropriations are added to this amount, the current revenue for the
Centennial is $1,016,740.
At this time, staff requests that the Council re- appropriate the original $350,000 that was
approved on March 8, 2005 for the 2006/07 budget. Due to a staff oversight, these funds were
not carried over from the previous year's budget into the current one. Although the budget
estimates to finish the Centennial year appear to show that only about half of this amount will
be needed, especially once revenues from the sale of the book are received, we need the funds
appropriated to cover current expenses in this fiscal year as well as last minute or unanticipated
expenses. In addition, the Centennial revenue accounts need to be increased in the amount of
$237,000 in this fiscal year's budget to account for revenues raised this year.
Prepared by:
Marie fCnight, Recrealtion & Senior Services Director
Attachment: Centennial Celebration Budget
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City of Newport Beach NO. BA= 07BA -016
BUDGET AMENDMENT
2006 -07 AMOUNT: $350,000.00
EFFECT ON BUDGETARY FUND BALANCE:
X Increase Revenue Estimates Increase in Budgetary Fund Balance
X Increase Expenditure Appropriations AND X Decrease in Budgetary Fund Balance
Transfer Budget Appropriations No effect on Budgetary Fund Balance
SOURCE:
from existing budget appropriations
X from additional estimated revenues
X from unappropriated fund balance
EXPLANATION:
This budget amendment is requested to provide for the following:
To increase revenue estimates and expenditure appropriations for Centennial.
ACCOUNTING ENTRY:
BUDGETARYFUND BALANCE
Fund Account
Description
010 3605
General Fund - Fund Balance
REVENUE ESTIMATES (3601)
Fund /Division Account
Description
0129 5901
Centennial - Private Donations
EXPENDITURE APPROPRIATIONS (3603)
Description
Division
Number 0129
City Council - Centennial
Account
Number 8250
Special Department Expense
Division
Number
Account
Number
Division
Number
Account
Number
Division
Number
Account
Number
Division
Number
Account
Number
Signed:
Financial Approval: Administ ive Services Director
Signed:
✓�
Administrative A roval: City Manager
Signed:
Amount
Debit Credit
$113,000.00 "
$237,000.00
Automatic
$350,000.00
-p,s
Date
ate
City Council Approval: City Clerk Date