2004-11-10 Sp. Jt. Mtg.
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MINUTES OF THE SAN DIEGUITO WATER DISTRICT AND CITY COUNCIL
JOINT SPECIAL MEETING, NOVEMBER 10, 2004, 505 SOUTH VULCAN
A VENUE
CALL TO ORDERIROLL CALL
Mayor Houlihan called the meeting to order at 6:03 P.M.
Present:
Mayor Maggie Houlihan, Council Members James Bond, Dan Dalager, Christy
Guerin, and Jerome Stocks.
Absent:
None.
Also
Present:
City Manager Miller, City Attorney Sabine, City Clerk Cervone, Finance Director
Browder, Finance Manager Hill, Finance Manager Lembach and Deputy City
Clerk Greene.
There being a quorum present, the meeting was in order.
PLEDGE OF ALLEGIANCE
REGULAR AGENDA - Item J-l
J1.
Report on Financial Results for FY 2003-04. Actual Be!!innin!! Fund Balances for
FY 2004-05 and First Quarterly Update of Financial Conditions for FY 2004-05.
Contact Person: Finance Director Browder and Finance Mana!!er Hill.
Finance Director Browder reviewed the staff report and summarized the changes to the Fiscal
Year 2004-05 revenue projections based on the latest estimates from the State of California,
including the Vehicle License Fee (VLF) Property Tax Swap, the Proposition 57 "Triple Flip,"
and the City's two-year contribution to the State of California General Fund for fiscal recovery.
Finance Manager Hill reviewed the Fiscal Year 2003-04 Financial Results, stating the General
Fund ending balance exceeded projections by $13,190, resulting in an available balance of
$11,342,118. This available fund balance was net of capital and work projects. After deducting
the authorized contingency reserve of $6.2 million, the remaining fund balance totaled $5.1
million and may be used for future capital projects or other programs approved by the City
Council.
Fiscal Year 2004-05 Financial Conditions (Revenue Projections): The City's General Fund and the
San Dieguito Water District Operating Fund would be making financial contributions to the State
of California in both Fiscal Year 2004-05 and FY2005-06 as part of the State Fiscal Recovery Plan
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11/10/04 Joint Special Meeting
The General Fund's share for Fiscal Year 2004-05 was expected to total $1,154,000. Much of the
contribution would be offset by the one-time sale of property in the amount of $1,090,000. The
ending fund balance for Fiscal Year 2004-05 was currently projected at $10,240,170.
The San Dieguito Water District's contribution was expected to be approximately $140,000 in
Fiscal Year 2004-05. The ending fund balance for Fiscal Year 2004-05 was projected at
$8,194,654.
The staff recommendation was to approve the final actual fund balances as the beginning fund
balances for Fiscal Year 2004-05.
ACTION:
Stocks moved, Bond seconded to approve the final actual fund balances as the beginning
fund balances for Fiscal Year 2004-05. Motion carried. Ayes: Bond, Dalager, Guerin,
Houlihan, Stocks; Nays: None.
ADJ 0 URNME NT
Mayor Houlihan declared the meeting adjourned at 6:16 P.M.
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Mag' ouhhan, Mayor
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