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MEMORANDUM <br />DATE: April 11, 2006 <br />TO: Mike Mornson, City Manager <br />FROM: Roger Larson, Finance Director <br />ITEM: AMENDMENT OF 2005 OPERATING BUDGET <br />In 2005, the Silver Lake Village Project and on-going related activities for building <br />permits has provided the City with enhanced building permit revenues. The actual <br />building permit revenue received in 2005 totals $487,271 which exceeded the amount <br />budgeted. <br />In addition, costs for 2005 Inspection Services are higher than the budgeted amount. The <br />increased costs for consulting/contracted services for inspections are based on the <br />revenues the City receives from building permits (consultant receives 65%; 35% is <br />retained by the City). <br />To balance the 2005 Operating Budget, it is necessary to amend the 2005 budget line <br />items for Permits and Inspections. <br />In addition, to comply with better auditing and accounting standards, the City Auditor <br />(Tautges, Redpath) has recommended the Dare portion of the Dare/Forfeiture Fund be <br />transferred to the General Operating Budget. <br />Recommendation: <br />Council approves resolution #06-040 amending the 2005 General Operating Budget to <br />$4.,301,100 and the Dare/Forfeiture Fund to $18,000. <br />15 <br />