FROM:
Finance
SUBJECT:
Title
Fiscal Year 2024-25 First Quarter Budget Status Report - Fontana Community Foundation
End
RECOMMENDATION:
Recommendation
Approve the recommended Fiscal Year 2024-25 First Quarter Budget adjustments.
End
End
COUNCIL GOALS:
• Operate in a businesslike manner by ensuring that the public debate is based on accurate information.
• Practice sound fiscal management by producing timely and accurate financial information.
• Practice sound fiscal management by living within our means while investing in the future.
DISCUSSION:
The Fontana Community Foundation was created on April 27, 2005, by Foundation Resolution 2005- 01. The Foundation is a separate legal entity of the City and is governed by California State Law. The Foundation is legally chartered as a Section 501(c)(3) non-profit organization within the Internal Revenue Code. The Foundation oversees the actions of unincorporated divisions such as the Fontana Library Foundation Division within the City structure.
It is the mission of the Fontana Community Foundation to lessen the burdens of government by aiding and assisting in the implementation, improvements, and maintenance of public services that preserve and promote the health and welfare and education of local citizenry of the City of Fontana.
The current 2024-25 Foundation Operating Budget includes total uses (expenditures and transfers out) of $6,620 and no budgeted sources (revenues and transfers in).
The First Quarter budget recommendations are to:
• Increase revenues and appropriations by $2,500 for the business summit sponsorships received.
• Increase appropriations by $10,387 for Tomorrow’s Talent contract.
FISCAL IMPACT:
The fiscal impact associated with the approval of this item is an increase in revenues of $2,500 and an increase in appropriations of $12,878, as detailed in the First Quarter Budget Status Report and supporting schedules.
MOTION:
Approve staff recommendation.