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The following budget amendment to the 2008 Recreation Fund budget is submitted for consideration: <br />1) $38,000 for additional salaries expense. The 2008 personnel costs included two non-recurring <br />charges that were not budgeted for. They included paying for a 27t'' pay period due to the calendar <br />of pay periods (normally we have 26), as well as the one-time severance paid to a long-standing <br />employee that retired late in the year. Cash reserves in the Recreation Fund were available to pay <br />for the added expense. <br />POLICY OBJECTIVE <br />Where applicable, budget amendments are made to comply with State Statutes. <br />FINANCIAL IMPACTS <br />There are no current year financial impacts. The budget amendments are necessary to demonstrate that <br />previously incurred expenditures are within the adopted budget. Any changes in expected expenditure <br />trends are incorporated into future budgets. <br />STAFF RECOMMENDATION <br />Staff has prepared the requested budget amendments and considers them reasonable, within an expected <br />range of adjustment, and in accordance with all applicable State Statutes. It is recommended that the <br />budget amendments be approved. The City's Auditors are tentatively scheduled to make a formal <br />presentation on the 2008 financial statements at the May 11, 2008 Council Meeting. <br />REQUESTED COUNCIL ACTION <br />Motion to approve the year-end amendments to the 2008 Sudget. <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: Excerpts of the 2008 financial statements. The amendments have been incorporated in the column <br />marked `final' budget. <br />Page 2 of 2 <br />