Steven Rudolph, City Manager

Adopt a Resolution of the City Council of the City of Rocklin Approving an Appropriation of Economic Development Reserve Funds for the FY 2019/20 Budget.

The City Manager Department budgeted a total of $100,000 in General Funds for professional services in FY 2019-20, and has expended or committed 75% of these funds through December of 2019. In order to ensure sufficient funds are available for unplanned or emergency purposes for the remainder of the year, staff proposes to make room in the City Manager Budget by re-classifying expenses appropriately to the Economic Development Fund, and appropriating additional Economic Development Reserve funds to cover the expenses.

Upon reviewing the City Manager division expenditures to date, we have determined that it would be more appropriate to charge two items to the Economic Development Reserve fund (122) vs. the General Fund:

1. The Greater Sacramento Economic Council (GSEC) membership fee - $26,700.
2. The Hacker Lab Economic Development Support fee - $33,400.

Reclassifying these expenses will provide the City Manager’s office with the necessary budget to cover unexpected expenses as they arise for the remainder of FY 2019/20 (i.e., executive recruitment, studies directed by Council, etc.). To the extent the Economic Development Reserve account has available funds, these expenses will be budgeted to the Economic Development Fund (122) going forward.

In addition, we note that the RHNA land use balance assessment services originally planned to conclude during FY 2018/19 carried over into the current fiscal year. This expense was budgeted for payment out of the Economic Development Reserve fund during FY 2018/19, however, the expense was paid for in the current fiscal year. An additional $15,000 is needed to cover the balance of the land use balance assessment professional services contract during the current fiscal year.

Economic Development Funds appropriated in the FY 2019/20 budget totaling $100,000 have already been allocated to cover other planned expenses (Park Funding efforts), however, economic development reserve funds are available for an additional appropriation in the amount of $75,100 to cover the GSEC, Hacker Lab, and RHNA Land Use Balance Assessment expenses.