City Council to Consider Year-End Closing Transactions

The City Council will be asked Tuesday to consider several transfers including funds gained from a $2.6 million surplus in the 2010-11 fiscal year.

A city staff report asks the council to approve four transactions to close the 2010-2011 fiscal year—some of which are funds gained from a surplus:

• Transfer $390,850 to the Capital Facilities Fund.
• Transfer $750,000 to the Emergency Preparedness Fund to improve the "city's emergency response capabilities."
• Transfer $748,807 to Risk Management.
• Transfer $1.3 million to the Pension Stabilization Fund.

According to the staff report, the surplus is due to "improved sales tax" and the sale of the Poway Royal Mobile Home Park.

Council members will also be asked to appropriate $60,000 from the first quarter of the 2011-12 fiscal year to Water Treatment Plant corrosion repair.

Other items on the City Council agenda include:

• Council members will be asked to authorize staff to apply for the county's Community Development Block Grant issued by the U.S. Department of Housing and Urban Development.
• Council members will be asked to adopt a resolution approving all-way stop signs at the Valle Verde Road and Solera Way/Vinter Way intersection. See our coverage of this issue here. 
• Council members will be asked to appropriate $30,000 from the general fund's undesignated fund balance for the Community Park Holiday Skating Rink.
• In a closed session, council members will discuss two existing litigations and one anticipated litigation involving floodplain development permit.

The meeting begins at 7 p.m. inside the at 13325 Civic Center Dr. See the full agenda here.