Title
Budget Transfer and Account Clean-Up (B)
Explanation
In May 2008, the CRA implemented a new project naming and numbering system to have more accountability for projects and better visibility into budget. Prior to this new system, budget dollars were grouped into macro-level budgeting units. For example, if $100,000 was approved for lighting upgrades along NW 5th Ave and $50,000 was approved for general streetscape improvements along NW 6th St, then $150,000 could be budgeted into a General Streetscape account to cover both projects.
With the newly implemented project naming and numbering system, each project has been assigned a separate budget account. CRA staff has performed an extensive analysis, which required reviewing prior year budgets, reviewing approved agenda items, and reviewing the details of Advisory Board budget items, to research the accounting in each budget account. As a result of this analysis and new project system, there are budget transactions required to transfer dollars from existing accounts to newly created budget accounts.
A summary of the budget transfers is included as back-up.
Fiscal Note
The transfers will result in a net zero dollar impact. CRA staff will prepare multiple Budget Transaction Forms and City Finance and Budget will review and executed the budget transfers.
Recommendation
Executive Director to the CRA: Approve Budget Transfers.