Finance committee approves $20,000 midyear amendment for Cedar Lane design; hears update on seawall project and reserves

The Belvedere Finance Committee on an undisclosed January date approved a $20,000 midyear capital amendment to cover additional design and engineering for the Cedar Lane project and received a midyear general-fund report showing revenues and expenditures largely tracking to budget.

Helga Kotter, director of administrative services, told the committee that the city began the fiscal year with a $6,530,000 beginning fund balance — an increase of $870,000 above the adopted budget amount of $5,660,000 — and that revenues are at roughly 59% of budget with property taxes on track to meet projections. "Revenues and expenditures are on target for this point in the fiscal year," Kotter said. She also said the city received about $150,000 in positive interest earnings from CalTrust in the first two quarters.

Kotter said capital expenditures are at about 23% of budget and staff requested a $20,000 amendment for lane design and engineering because the current fiscal-year line item of $15,000 is projected to be exceeded by approximately $20,000. Kotter recommended approving the amendment so the design and…