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CITY OF COLTON <br />AGENDA REPORT <br />For Council Meeting of .Aurctist 161 1994 <br />TO: Honorable Mayor and City Council <br />FROM: Robert A. Lavin, Water Utilities Manager <br />SUBJECT: Date: <br />Ratify of the Budget Adjustment for FY93-94 <br />SARI Line Payment <br />BACKGROUND: <br />During the FY93-94 budget process, funds were requested to repay the SARI Line <br />loan. However, the funds were inadvertently omitted from the final budget <br />presented to Council. <br />DISCUSSION: <br />The SARI Line loan in the amount of $365,000 was due on June 30, 1994. The <br />loan payment was authorized by the City Manager. However, the Finance <br />Department has requested that Council ratify the attached budget adjustment for <br />FY93-94 in the amount of $365,000. <br />FINANCIAL IMPACT: <br />Sufficient funds existed in the Tertiary Wastewater Treatment Account due to the <br />delay in the construction of the RIX Full -Scale Project to FY94-95. <br />RECOMMENDATION: <br />Staff recommends that Council ratify the attached budget adjustment in the amount <br />of $365,000 for FY93-94 SARI Line loan payment. <br />Attachments: <br />Page 1 of--- <br />Item No. <br />