FROM:
Finance
SUBJECT:
Title
Fiscal Year 2024-25 Third Quarter Budget Status Report - Fontana Community Foundation
End
RECOMMENDATION:
Recommendation
Approve the recommended Fiscal Year 2024-25 Third Quarter Budget adjustments.
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 No. 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 $19,498 and budgeted sources (revenues and transfers in) of $2,500.
The Third Quarter budget recommendation is to increase appropriations by $9,300 for the Mayor’s Education Collation video production.
FISCAL IMPACT:
The fiscal impact associated with the approval of this item is an increase in appropriations of $9,300 as detailed in the Third Quarter Budget Status Report and supporting schedules.
MOTION:
Approve staff recommendation.