RESOLUTION PFA 2024----
A RESOLUTION OF THE CITY OF MERCED
PUBLIC FINANCING AND ECONOMIC
DEVELOPMENT AUTHORITY ADOPTING
THE BUDGET AND APPROPRIATING
REVENUE FOR FISCAL YEAR 2024-2025
WHEREAS, the City of Merced Public Financing and Economic Development Authority ("Authority") has detennined it is necessary to expends funds to carry out its purposes and that a budget therefore is necessary and desirable; and,
WHEREAS, the Authority has determined that planning and administrative expenses are necessary for the successful operation of the Authority; and,
NOW, THEREFORE, THE CITY OF MERCED PUBLIC
FINANCING AND ECONOMIC DEVELOPMENT AUTHORITY DOES
HEREBY FIND, DETERMINE, ORDER AND RESOLVE AS FOLLOWS:
SECTION 1. That it is necessary to charge planning and
administrative services to the Authority and that the administrative expenses budgeted for Fiscal Year 2024-2025 are reasonable and proper.
SECTION 2. That the 2024-2025 Budget, as submitted by the Executive Director and as considered by the Authority, is hereby approved and adopted in the amounts �et forth in the schedules and summaries of said budget document and allocations are hereby approved for the purposes herein stated.
SECTION 3. That the Executive Director or designee is authorized to make transfers of budget appropriations between classifications and activities within a fund to purchase such items and services needed to accomplish those purposes set forth in the Program Statements of said Budget document and to insure the efficient and effective administration of services.
SECTION 4. That the recommended ending balance for June 30, 2025, shown in the proposed annual Financial Summary section is an X:\Resolutions\2024\PFEDA\Budget PFEDA Adoption FY 2024-25.docx 1 estimate, and the actual ending balance is hereby appropriated as a reserve for unanticipated uses as determined by the Authority.
SECTION 5. Capital Improvement Projects revenue and unspent appropriation carryover budget amounts from 2023-2024 shall be recalculated and updated to reflect actual balances as of June 30, 2024 and are hereby incorporated as pait of the 2024-2025 approved Budget.
SECTION 6. That the Executive Director or designee is authorized to make transfers of budget appropriations between classifications and activities within a fund to purchase such items and services needed to accomplish those purposes set forth in the Program Statements of said Budget document and to insure the efficient and effective administration of Authority services.
SECTION 7. That the Executive Director or designee is authorized to execute public works project contracts which are below the threshold amount which is adjusted annually by the Finance Officer in accordance with the Engineering Construction Cost Index.
PASSED AND ADOPTED by the City of Merced Public Financing and Economic Development Authority at a regular meeting held on the __ day of June 2024, by the following vote:
AYES: Authority Members:
NOES: Authority Members:
ABSENT: Authority Members:
ABSTAIN: Authority Members:
X:\Resolutions\2024\PFEDA\Budget PFEDA Adoption FY 2024-25.docx 2 APPROVED:
MATTHEW SERRATTO, MAYOR
Mayor
ATTEST:
D. SCOTT MCBRIDE, CITY CLERK
BY:
Assistant/Deputy City Clerk
(SEAL)
APPROVED AS TO FORM:
CRAIG J. CORNWELL, CITY ATTORNEY
X:\Resolutions\2024\PFEDA\Budget PFEDA Adoption FY 2024-25.docx