RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COMMERCE, CALIFORNIA, AMENDING THE ANNUAL OPERATING BUDGET FOR FISCAL YEAR 2021-2022 WHEREAS, the City Manager has submitted a proposed ANNUAL BUDGET for fiscal year 2021-2022; and WHEREAS, the City Council has studied and subsequently adopted the proposed Budget, received public input thereon, and approved same; and WHEREAS, staff has provided the Council with an assessment of how the City’s General Fund is operating seven months into the fiscal year based on the original revenue and expenditure estimates. This has allowed the Council to consider the expenditures, outside the realm of the original approved budget, which would potentially jeopardize the current budget authority and thus, require Council action for appropriate budgetary adjustments; and WHEREAS, after receiving input from each department of the City, and evaluating the status of funding as opposed to expenditures, with input from staff, the City Manager has submitted an amendment to the adopted ANNUAL BUDGET for fiscal year 2021-2022.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COMMERCE DOES HEREBY RESOLVE, DECLARE, AND DETERMINE AS FOLLOWS:
Section 1. The City Council of the City of Commerce hereby finds and declares that the foregoing recitals are true and correct, and incorporates them herein as findings and as a substantive part of this Resolution.
Section 2. The AMENDED ANNUAL BUDGET for the 2021-2022 fiscal year in the amount of $954,514 ($785,925 from Fiscal Year 2021-2022 General Fund Surplus Funds, $166,089 from Measure AA Economic Development Funding, and $2,500 from Community Benefits Funds) is incorporated herein by this reference and is hereby approved and adopted.
Section 3. Authorize the Mayor to execute the Resolution for and on behalf of the City of Commerce.
Section 4. This Resolution shall take full force and effect immediately upon adoption by the City Council.
PASSED, APPROVED and ADOPTED this 8th day of March 2022.
Leonard Mendoza
Mayor
ATTEST:
Lena Shumway, City Clerk