Agenda Item No. 8
CITY OF YUCAIPA
AGENDA REPORT
TO: Honorable Mayor and City Council
FROM: Phil White, Director of Finance 0
FOR: City Council Meeting of December 9, 2024
SUBJECT: Budget Adjustment - Public, Educational, and Governmental (PEG) Funding RECOMMENDATION:
That the City Council authorize the FY24 budget transfer for the use of $16,136 in PEG funding.
BACKGROUND/DISCUSSION:
The City's Public Educational & Government Access (PEG) fund supports and promotes public education and government access programs within the community. The fund is designed to enhance educational opportunities and provide access to government -related information and services for the general public. The restricted funding comes from video service providers. A fee of 1 % of gross revenues is assessed to all video service providers that use the public rigths-of-way, including all local franchises and all holders of state franchises as consistent with state or federal law. The PEG fee is received quarterly from the video service providers. Accumulated revenues are accounted for in the PEG fund until the restricted use has occurred.
The development of the City's media room included costs that meet the restricted use criteria of PEG funding. Equipment such as cameras, computers and video production equipment can qualify.
During the FY24, such costs totalled $16,136 and were coded to the General Fund. Per the City's budget policy, all transfers must be budgeted. Accordingly, staff is requesting the City Council authorize a FY24 budget adjustment transfering out of the PEG fund and transfering in to the General Fund.
FISCAL IMPACT:
The recommendation authorizes the transfer of $16,136 in restricted funding to reimburse the General Fund.
Approved by:
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