HomeMy WebLinkAboutCity Council Resolution 19-005 Budget resolution for ArrowheadRESOLUTION NO. 19-005
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
TO ADJUST THE FY 2018/19 OPERATING BUDGET
TO APPROPRIATE REVENUE AND EXPENDITURE BUDGETS FOR
THE ARROWHEAD COMMUNITY FACILITY DISTRICT DEBT SERVICE FUND
WHEREAS, the City Council approved the formation of the Arrowhead Community Facility District 2016 for the
purpose of facilitating Arrowhead property owner's desire to improve the community's water infrastructure; and
WHEREAS, the City Council approved the issuance of an CFD Assessment Bond to be funded by the Arrowhead
CFD to pay for the cost of the improvements after the fiscal year began; and
WHEREAS, the Operating Budget requires a budget appropriation to properly reflect the Council's direction to
issue the bond; and
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Saratoga hereby approves the
following budget adjustments to the Fiscal Year 2018/19 Operating Budget:
Account Description
Account Amount
To appropriate revenue and expenditures activity in the Debt Service Fund:
(Actual account numbers to be determined and approved by Auditor)
Increase Bond Issuance Revenue: Cost of Issuance Account
Increase Bond Issuance Revenue: Improvement Account
Increase Bond Issuance Revenue: Reserve Account
Increase Prepayment Revenue: Improvement Account
Increase Bond Expenditure: Cost of Issuance Account
Increase Bond Expenditure: Improvement Account
Increase Debt Service Interest Expense: City Account
Increase Debt Service Admin Fee Expense: City Account
361.8602.472XX
361.8602.472XX
361.8602.472XX
361.8602.472XX
361.8602.71117
361.8602.711 XX
361.8602.71112
361.8602.71114
$ 340,444.98
$ 2,069,169.45
$ 89,233.57
$ 1,500,000.00
$ 340,444.98
$ 3,569,169.45
$ 33,175.68
$ 2,500.00
BE IT FURTHER RESOLVED, the above and foregoing resolution was passed and adopted at a regular meeting
of the Saratoga City Council held on 20' day of February 2019 by the following vote:
AYES: Mayor E. Manny Cappello, Vice Mayor Howard Miller, Council Members Rishi Kumar,
Mary -Lynne Bernald, Yan Zhao
NOES:
ABSENT:
ABSTAIN:
Manny Cappello
Mayor, City of Saratoga
Attes
Debbie Bretschneider,
City Clerk, City of Saratoga