CITY COUNCIL AGENDA ITEM
Memo Date: November 7, 2024
Agenda Date: November 12, 2024
Prepared By: Zoie Badalov, Senior Budget Analyst
Through: Rebecca Bowman, MBA, CGFO, CGFM Finance Director
Requested Action:
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Approve a Resolution Amending the Fiscal Year 2025 Adopted Budget, BAF 25-001-A1 to A3, (Group#399) for the purchase orders rolled over to Fiscal Year 2025. This is due to unspent funds budgeted for capital projects and specific operating accounts. These funds are provided using various Fund Balance Reserves and other Revenue Sources. Allow for the City Manager to make any further adjustments to the PO Roll, due to Retainage or Excess Budget End
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BACKGROUND:
At the end of Fiscal Year (FY) 2024, the Finance Department ran a report for specific purchase orders (P.O.) for multi-year capital projects and/or operating purchases to remain open, and that the balance on those P.O.’s be included within the FY25 Budget. This gave us a group of all Projects that were started in FY24 and their potentially required funds needed in the FY25 budget. This Group is a maximum adjustment to be adjusted down to account for retainage and unclosed P.O.’s These projects may also have been scheduled to be completed in FY24 and did not reach completion, necessitating the unspent budget to be provided in FY25. This agenda item essentially “shores up” the FY25 Budget for the existing purchase orders that rolled into the new year within BAF 25-001-A1, A2 and A3. (This entry was created automatically, and Group #399 will be updated within the financial software upon City Council Approval).
STRATEGIC PLAN CONNECTION:
To provide financial transparency with budgeting and the procurement processes
BUDGETARY IMPACT:
FY25 purchase order roll: BAF 25-001-A1, A2 and A3
(See attached spreadsheets with detailed transactions)
PREVIOUS ACTION:
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RECOMMENDED MOTION:
Recommendation
Approve a Resolution Amending the Fiscal Year 2025 Adopted Budget, BAF 25-001-A1 to A3, (Group#399) for the purchase orders rolled over to Fiscal Year 2025. This is due to unspent funds budgeted for capital projects and specific operating accounts. These funds are provided using various Fund Balance Reserves and other Revenue Sources. Allow for the City Manager to make any further adjustments to the PO Roll, due to Retainage or Excess Budget .