Item 5 - Federal Revenue Sharing Budget Hearing for FY 1986-87AGENDA REPORT
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CITY OF POWAY
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To: Honorable Mayor and Members of the City Council
From: James L. Bowersox, City Manag '
Initiated By Greg Hill, Finance Manager ys
Date: June 10, 1986
Subject: Federal Revenue Sharing Budget Hearing
for Fiscal Year 1986-1987
ABSTRACT
LL Federal law requires that a budget hearing be held to solicit public
input regarding potential uses of revenue sharing money. Staff
recommends the funds be held as an unappropriated reserveuntil the
future of the Revenue Sharing' Program is determined by the Federal
Government.
BACKGROUND
s.The City anticipates a residual balance of $3,391 in the Revenue
r Sharing Fund at the end of the current year. Federal law requires
that monies received be expended within 24 months of receipt.
The residual balance is composed of $3,391 from fiscal year 1985-86.
Additionally, the City anticipates receiving $34,200 in Federal
Revenue Sharing funds during fiscal year 19,86-1987.
The total available balance in the Revenue Sharing Fund would then
be $37,591 for fiscal year 1986-1987
RECOMMENDATION
Staff recommends that the anticipated Revenue Sharing Fund balance
be utilized as needed to supplement the 1986-1987 Capital Improve-
ment Program.
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ACTION:
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j U i 1986 ITEM