HomeMy WebLinkAboutReso 2019-071 - Bond Refunding RESOLUTION NO. 2019-071
A RESOLUTION OF THE CITY OF REDDING APPROVING AND ADOPTING THE Pt
AMENDMENT TO CITY BUDGET RESOLUTION NO. 2019-050 REDUCING
APPROPRIATIONS BY $478,040 FOR FISCAL YEAR 2019-20 AND $410,840 FOR
FISCAL YEAR 2020-21 TO COMPLETE BOND REFUNDING AND UTILIZE A
PORTION OF THE SAVINGS TO HIRE TWO ADDITIONAL COMMUNITY SERVICE
OFFICERS
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF REDDING
THAT Budget Resolution No. 2019-050 be and is hereby amended as follows:
FISCAL YEAR 2019-20
FUND DIVISION DESCRIPTION INCREASE DECREASE
111 927 General Fund Debt Service $318,980
111 442 Police $142,030
128 563 TIF $301,090
THAT account titles and numbers requiring adjustments by this Resolution are as follows:
USE SOURCE
OF FUNDS OF FUNDS
Decrease (Increase) Beginning Balance
Beginning Balance 128-563-01-0001-01 $ (301,090)
Beginning Balance 111-427-01-0001-01 $ (176,950)
Increase(Decrease) Expenditures
2004A Bond Interest 111-927-6780-01 $ (126,850)
2004A Bond Principal 111-927-6980-01 $ (630,000)
2004B Bond Interest 111-927-6781-01 $ (197,230)
2004B Bond Principal 111-927-6981-01 $ (510,000)
2007A Bond Interest 111-927-6783-01 $ (346,300)
2007A Bond Principal 111-927-6983-01 $ (320,000)
2019 Bond Interest 111-927-6701-02 $ 521,400
2019 Bond Principal 111-927-6901-02 $ 1,290,000
Full Time Regular 111-442-0111-01 $ 94,010
Workers Compensation 111-442-0171-01 $ 9,450
Group Insurance 111-442-0173-01 $ 37,520
Retirement Program 111-442-0175-01 $ 910
Medicare 111-442-0177-01 $ 140
2007 Bond Interest 128-563-6784-01 $ (101,200)
2007 Bond Principal 128-563-6984-01 $ (810,000) 73
2019 Bond Interest 128-563-6701-02 $ 405,110
2019 Bond Principal 128-563-6901-02 $ 205,000
Total $ (478,040) $ (478,040)
FISCAL YEAR 2020-21
FUND DIVISION DESCRIPTION INCREASE DECREASE
111 927 General Fund Debt Service $386,900
111 442 Police $149,070
128 563 TIF $173,010
THAT account titles and numbers requiring adjustments by this Resolution are as follows:
USE SOURCE
OF FUNDS OF FUNDS
Decrease (Increase) Beginning Balance
Beginning Balance 128-563-01-0001-01 $ (173,010)
Beginning Balance 111-427-01-0001-01 $ (237,830)
Increase (Decrease) Expenditures
2004A Bond Interest 111-927-6780-01 $ (95,350)
2004A Bond Principal 111-927-6980-01 $ (655,000)
2004B Bond Interest 111-927-6781-01 $ (175,550)
2004B Bond Principal 111-927-6981-01 $ (530,000)
2007A Bond Interest 111-927-6783-01 $ (333,500)
2007A Bond Principal 111-927-6983-01 $ (330,000)
2019 Bond Interest 111-927-6701-02 $ 567,500
2019 Bond Principal 111-927-6901-02 $ 1,165,000
Full Time Regular 111-442-0111-01 $ 98,610
Workers Compensation 111-442-0171-01 $ 9,920
Group Insurance 111-442-0173-01 $ 39,380
Retirement Program 111-442-0175-01 $ 1,020
Medicare 111-442-0177-01 $ 140
2007 Bond Interest 128-563-6784-01 $ (68,800)
2007 Bond Principal 128-563-6984-01 $ (845,000)
2019 Bond Interest 128-563-6701-02 $ 480,790
2019 Bond Principal 128-563-6901-02 $ 260,000
Total $ (410,840) $ (410,840)
PERSONNEL FYE 2020 FYE 2021
Community Service Officer 2 FTE 2 FTE
THAT the purpose is to reduce appropriations by $478,040 for fiscal year 2019-20 and $410,840
for fiscal year 2020-21 to complete bond refunding and utilize a portion of the savings in order to
hire two additional community service officers.
I HEREBY CERTIFY that the foregoing resolution was introduced at a regular meeting of the
City Council of the City of Redding on the 16th day of July, 2019, and was duly adopted at said
meeting by the following vote:
AYES: COUNCIL MEMBERS: Dacquisto,McElvain,Resner, Schreder,and Winter
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
ABSTAIN: COUNCIL MEMBERS: None
JULIE INTER, Mayor
ATTEST: FORM PROVAL:
cAELAIZE, Ci Clerk BARRY . eW K Attorney