HomeMy WebLinkAboutRDA CARRY OVER AP'S 09-20-82DATE:
September 15, 1982
P~DEVELOPMENT AGENCY
NO. 6
9-20-82
,.,..-co.
TO:
FROH:
SUBJECT:
Bill Huston, City Ma_~ .
~V~
Ron Nault, Finance Di~o~
Reappropriation of Carry-over Fiscal Year 1981-82 Appropriations
from the Tustin Community Redevelopment Agency
RECOMMENDATION
The Tustin Community Redevelopment Agency reappropriate $825,£45 for the un-
expended appropriations from fiscal year 1981-82.
BACKGROUND
In 1979 the National Council on Governmental Accounting restricted the principals
of Governmental Accounting and Financial Reporting under the title of Statement
1. One of the more significant pronouncements within this statement deals with
the reporting of encumbrances as carry-over appropriations. In the past the
annual financial report carried an item called reserve for encumbrances which in
effect recognized the expenditure during the period that a purchase order was
issued and not within the period that we had constructive receipt.
As a result of Statement 1 encumbrances are no longer recorded at year end and
expenditures are recognized in the year that they occur. The change established
the need to reappopriate from one fiscal year to the next outstanding purchase
orders and construction contracts at year end. In the majority of cases capital
improvement projects will have the major impact from this change, but there will
be those occasions that an operating expense will be carried over into the
following year.
DISCUSSION
The attached list identifies those items that require reappropriation. All items
listed were projected as expended during fiscal year 1981-82. The 6-30-82 pro-
jected fund balances shown in the adopted budget reflect these expenses. Actual
fund balances will be larger by an amount equal to our stated reappropriation
needs. 8y appropriating these items for fiscal year 1982-83 we will bring the ex-
isting fund balance back down to our original projection and will recognize the
budget authorization during the same period that we will book the expense.
RAN:mm
attachment
Attachment to memo
Re: Reappropriation...Tustin RDA
Bill Huston
9-15-82
RDA Reappropriations for Fiscal Year 1982-83
"C" Street Plaza $ 50,000
Columbus Tustin Park development 18,000
Columbus Tustin recreation facility 65,000
E1Camino Real parking facility 684,000
Alley reconstruction - east of E1Camino Real 1,200
Alley recontruction - south of First Street 6,040
Alley reconstrucion - west of E1 Camino Real 1,005
TOTAL $825,245