HomeMy WebLinkAboutReso 2015-035 RESOLUTIOI�T NO. 201�-03�
RESOLUTION OF THE CITY COUT�CIL OF THE CITY OF
CHUL.A VISTA A4AKIIvG VARIOUS An4ENDMENTS TO THE
FISCAL YEAR 2014/201� BUDGET TO REFLECT
II�'TERFLTTD LO.AN REPAYAIENTS AND APPROPRLATI?vG
FLTivDS THEREFOR
V�'HEREAS, the Trunl: Sewer Capital Resen�e fund previousl�� ]oaned 520,667:477 to the
Salt Creek Trunk Se�ver Development Impact Fee (DIF) fund to finance capital improvements
through a combination of Cit�� Council appro��ed interfund loans and direct project espendimres:
and
�'�'HEREAS, the balance due as of June 30, 2014 afrer accounting for all pa}ments and
interest charses bet���een the Trunl: Sewer Capital Resen�e fund and the Salt Creek Trunk Se��er
DIF fund totals 524.06�.0�7: and
�'HEREAS. a loan repayment to the Trunk Se�er Capita] Reserve Fund in the amount of
_ �2�0,000 �ias appropriated from the Salt Creek Trunk Se«-er D]F fund �+-ith the adoption of the
Cit��'s Fiscal Year 2014/201� budget; and
�4'HEREAS. sufficient cash is a��ailable in the Salt Geek Trunk Sen�er DIF fund to
appropriate an additiona] �3,2�0,000, increasins the total Fiscal Year 2014/201� appropriation
for interfund loan repa��ment purposes to ��,�00.000; and
R'HEREAS, the Transportation Development Impact Fee (TDIF) fund pre�iousl�� loaned
�180:000 to the Vdestem Transportation De��elopment Impact Fee (WTDIF) fund to finance
capital impro��ements and the establishment of the ��'TDIF program; and
�1%HEREAS, loan repa��ments from the R'TDIF fund to the TDIF fund total 5189.7��.
reflectine interest charees of�9J4�: and
W"HEREAS. the financing costs incurred bv the V✓TDIF fund ha��e been re��ised to reflect
onlv the Cit}�`s actual pooled im�estment eamine rate, totaling $3,301; and
WHEREAS_ it is appropriate to refund the WTDIF fund for interest chazees in excess of
the Citv's actual pooled investment earnine rate, totaline �6.444: and
�4'HEREAS, pursuant to �350.] 10(B) ofthe Chula Vista Municipal Code, the PFDIF has
a single fund for financial reportins purposes: and
�T�'I-IEREAS, for fee calculation and administration purposes, each component of the
PFDIF is budgeted and accounted for as a separate fund; and
Resolution No. 201�-03� �
Paee No. 2
� i
VJHEREAS. the TDIF fund pre��iouslv loaned $�.2 million to the Public Facilities �I
De��elopment Impact Fee (PFDIF) fund to finance capital improvements via Cit�� Council '
Resolution No. 2008-300: and I
R'HEREAS, Resolution No. 2008-300 did not identifi� the specific component of the
PFDIF program borro��ina the $�? million and the loan was recorded aeainst the Administration
component of the PFDIF fund_ and
I
WI-IEREAS. a neQative cash balance in the Fire Suppression S��stem Espansion I
component of the PFDIF fund generated the need for the $�.2 million interfu�d loan from the
TDIF fund: and
V�'HEREAS, b}� approval of Resolution F of this same item. the City Council confirmed �I
the obliQation of the Fire Suppression S�stem Ezpansion component of the PFDIF fund to repa} '
the ��.2 million interfund loan from the TDIF fund: and '
�%HEREAS, it is appropriate to transfer interest eamings generated b�� the S�.2 million i
interfund loan from the Administration component of the PFDIF to the Fire Suppression Svstem �
Expansion component totaling $140.388 as of June 30, 2014; and ��
���HEREAS, a loan repa�-ment to the TDIF fund in the amount of �709.896 ti�as I!
appropriated from the Administration component of the PFDIF fund with the adoption of the ',
Cit��'s Fiscal Year 2014/2015 budeet: and '
�'�'HEREAS, it is therefore necessar}� to amend the Cit}�'s Fiscal Year 2014/201� budget '
to replace repayment from the Administration component of the PFDIF fund �rith repa}�ment
from the Fire Suppression System Expansion component.
NON'. THEREFORE. BE IT RESOLVED bv the Cin� Council of the Cirv of Chula
Vista, that it does herebv amend the Fiscal Year 2014/201� budget and approves the folio��-ina
appropriations: �
� 1 i �
Salt Creek Trunk Sewer $ 3,2�0,000 Trunk Se���er Capital Reserve � 3,2�0.000
TDIF $ 6,44�4 �'�rTDIF � 6,4�4
PFDIF Admin $ 140;338 PFDIF Fire � 140.338
PFDLF Admin � (709,896) LT Adv DSF Cit}� 5 (709.896)
PFDIF Fire $ 709.896 LT .Adv DSF Citti- � 709.896
Total Transfers Out S 3,396,782 Total Transfers In S 3.396,782
Presented b�� Approved as to form b}�
— _ _ .
• �,
n9ari Kachadoorian en R. Qoains
Deput�� Cit� Manaeer/CFO Ckv Attoru�}�
Resolution?�'o. 201�-03�
Paee No. 3
PASSED. APPROVED, and ADOPTED b� the Citv Council of the Cim of Chula Vista.
Califomia, this 17th da�� of Februar�� 201� bv the follo�iine ��ote:
AI'ES: Councilmembers: .Avuilaz, Bensoussan, ?�4cCann. D4iesen and Salas
NAY'S: Councilmembers: None
ABSENL Councilmembers: None
�� ��� ,�
A4an S as. 1�4a��or
ATTEST:
��
Donna R. Norris. CM . Citv erk
STATE OF CALIFOR1�iIA )
COUI�'TY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Donna R. A�orris_ Cit}� Clerk of Chula Vista. California_ do hereb}� certifi� that the foreeoing
Resolution �'o. 201�-03> ���as dul}� passed. approved, and adopted by the Cim Council at a
regular meetin� of the Chula Vista Citv Council held on the 17th dav of Februarv 201�.
Executed this 17th dav of Februarv 201�.
/
Donna R. Norris. CM�n��Clerk