062 of 1999 - Amending Salt Lake City Ordinance No. 49 of 1998 which adopted the Final Budget for the Library FundSALT LAKE CITY ORDINANCE
No. 62 of 1999
(Amending Salt Lake City Ordinance No. 49
of 1998 which adopted the Final Budget
for the Library Fund of Salt Lake City, Utah
for Fiscal Year 1998-99)
AN ORDINANCE AMENDING SALT LAKE CITY ORDINANCE NO. 49
OF 1998 WHICH APPROVED, RATIFIED AND FINALIZED THE BUDGET FOR
THE LIBRARY FUND OF SALT LAKE CITY, UTAH FOR THE FISCAL YEAR
BEGINNING JULY 1, 1998 AND ENDING JUNE 30, 1999.
PREAMBLE
On June 16, 1998, the Salt Lake City Council approved, ratified and
finalized the budget for the library fund of Salt Lake City, Utah for the fiscal
year beginning July 1, 1998 and ending June 30, 1999, in accordance with
the requirements of Section 1 18, Chapter 6, Title 10 of the Utah Code
Annotated, and said budget was approved by the Mayor of Salt Lake City,
Utah.
The City's Policy and Budget Director, acting as the City's Budget
Officer, prepared and filed with the City Recorder proposed amendments to
said duly adopted budget, copies of which are attached hereto, for
consideration by the City Council and inspection by the public.
The City Council fixed a time and place for a public hearing to be held
on June 8, 1999 to consider the attached proposed amendments to the
budget and ordered notice thereof be published as required by law.
Notice of said public hearing to consider the amendments to said
budget was duly published and a public hearing to consider the attached
amendments to said budget was held on June 8, 1999, in accordance with
said notice at which hearing all interested parties for and against the budget
amendment proposals were heard and all comments were duly considered by
the City Council.
All conditions precedent to amend said budget have been
accomplished.
Be it ordained by the City Council of Salt Lake City, Utah:
SECTION 1. PURPOSE. The purpose of this Ordinance is to amend
the budget for the library fund of Salt Lake City as approved, ratified and
finalized by Salt Lake City Ordinance No. 49 of 1998.
SECTION 2. ADOPTION OF AMENDMENTS. The budget
amendments, attached hereto and made a part of this Ordinance shall be,
and the same hereby are adopted and incorporated into the budget of Salt
Lake City, Utah for the fiscal year beginning July 1, 1998 and ending June
30, 1999, in accordance with the requirements of Section 128, Chapter 6,
Title 10, of the Utah Code Annotated.
SECTION 3. CERTIFICATION TO UTAH STATE AUDITOR. The City's
Policy and Budget Director, acting as the City's Budget Officer, is authorized
and directed to certify and file a copy of said budget amendments with the
Utah State Auditor.
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SECTION 4. FILING OF COPIES OF THE BUDGET AMENDMENTS.
The said Budget Officer is authorized and directed to certify and file a copy
of said budget amendments in the office of said Budget Officer and in the
office of the City Recorder which amendments shall be available for public
inspection.
SECTION 5. EFFECTIVE DATE. This Ordinance shall take effect on its
first publication.
Passed by the City Council of Salt Lake City, Utah, this 8th day of
June , 1999.
ATTEST:
HIEF DEPUTY C Y ECORDER
Transmitted to the Mayor on
June 8, 1999.
Mayor's Action: XX Approved.
MAYOR
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ATTEST:
(S
Bill No. 62 of 1999.
Published: Jt 1\S? ]�3 Ej99
G:\ordina99\Amending library budget.doc
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Issues in Library Budget Amendment - June 1999
1. Adjusted Revenue and Expense Projections $ 483,519
The adjustment necessary to amend the budget is as follows:
FUND
CURRENT BUDGET
AMOUNT OF CHANGE
AMENDED BUDGET
Sources
Uses
Sources
Uses
Sources
Uses
Library
Prior Year
Fund
$1,386,000
$463,519
$1,849,519
Balance
Capital
Interest
$45,000
$20,000
$65,000
Revenue
All Other
Revenue
$9,274,634
$9,274,634
Capital
Improve-
ments
$1,000,000
$250,000
$1,250,000
Program
Sprague
Branch
$50,000
$50,000
$100,000
Library
Capital
Prior Year/
$750,000
$183,519
$933,519
Contingency
All Other
Expenses
$8,905,634
$8,905,634
Total
$10,705,634
$10,705,634
$483,519
$483,519
$11,189,153
$11,189,153
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Issue Request #1- Adjusted Revenue and Expense Projections
$ 483,519 Change in Capital Revenue and Expenses
The City should revise the Salt Lake City Library's budget to accurately reflect
the anticipated revenues for FY 1998-1999, and increase the budget in capital
expenditures by the same amount.
The Salt Lake City Public Library budget was audited by
PricewaterhouseCoopers for the year ended June 30th, 1998. The auditors
recommended the transfer of excess operating funds from the 1997-98 operating
fund to the current year capital fund. The amount recommended to be
transferred is an additional $463,519, which would increase the prior year capital
fund balance revenue from $1, 3 86, 000 to $1, 849, 519 . In addition, interest
revenue was determined to be higher than originally projected in the FY 1998-99
budget. The capital interest revenue should be increased by $20,000 from
$45,000 to $65,000. In order to use the revenue, the funds must be allocated and
budgeted in the approved or amended budget. For the FY 1998-99 budget, the
anticipated revenues are $483,519 higher than anticipated.
The expenditure of the funds would be accomplished by increasing the capital
expense budget in the following areas:
• $250,000 would be added to the Capital Improvements Program - Main
Library Refurbishment Planning and Building Fund,
• $50,000 would be added to the Sprague Branch Library Expansion,
• $183,519 would be added to capital budget contingency.
The Salt Lake City Library Board respectfully requests that the revised total
revenue of $11,189,153 be approved, and the capital expense budget be increased
by $483,519. The chart on the preceding page provides additional information
regarding these changes.
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