RESOLUTION NO.
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COTATI APPROVING MID-YEAR ADJUSTMENT TO THE BUDGET FOR FISCAL YEAR 2021/22 WHEREAS, the City of Cotati City Council did, on June 8, 2021, adopt the budget for fiscal year 2021/22; and
WHEREAS, the mid-year budget is an opportunity to update revenues and expenses, including increased sales tax receipts; and
WHEREAS, the City of Cotati completed two issues of bond financing on January 27, 2022 to provide cost savings of approximately $1.9 million over the next 22 years on CalPERS as well as provide additional funding for vital street improvement projects at a tax-exempt interest rate allowing the City to better leverage possible future grants funding; and WHEREAS, in the Fall of 2021 one of the City Hall furnaces was identified in need of repair and after numerous attempts to repair the system it was identified that it is most cost effective to replace the system for an approximate total cost of just under $10,000; and WHEREAS, per the City of Cotati’s Financial Principles and Policies, the City Council is the sole authority for creating or increasing expenditures appropriations of a general fund department; and
WHEREAS, the action of amending a budget does not constitute a project as defined by California Environmental Quality Act Guidelines Section 15378; therefore, no further environmental review is required.
NOW THEREFORE BE IT RESOLVED THAT that the City Council of the City of Cotati adopts the following changes to the operating budgets for 2021/22:
Section 1: That the fiscal year 2021/22 budget sources and uses for the General Fund is hereby adjusted as follows:
IT IS HEREBY CERTIFIED that the foregoing resolution was duly adopted at a regular meeting of the City Council of the City of Cotati held on the February 8th, 2022, by the following vote, to wit:
Approved:________________________________
Mayor
Attest:____________________________
Lauren Berges, City Clerk
Approved as to form:
____________________________
City Attorney