CITY COUNCIL AGENDA ITEM
Memo Date: April 15, 2024
Agenda Date: April 23, 2024
Prepared By: David Radford, Senior Budget Analyst
Through: Rebecca Bowman, MBA, CGFO, CGFM, Finance Director
Requested Action:
title
Approve a resolution amending the current FY 2024 budget, BAF #: 24-063-A&T, for the mid-year budget review and cleanup, through the use of fund balance reserves, contingency and/or transfers between object classifications, within each fund. (Finance Director)
End
body
BACKGROUND:
After the adoption of the annual budget, circumstances arise which require a comprehensive review of the City’s entire budget at the mid-year point. Items such as unbudgeted revenues, additional budget for open purchase orders, unexpected accrual payouts due to retirements, project adjustments, and miscellaneous expenses do occur.
Attached to this agenda is a Budget Adjustment Tracking Sheet and the Budget Adjustment Forms #: 24-063-A&T, with a breakdown of the above-mentioned amendments and transfers within the FY 2024 Budget, through the use of Fund Balance Reserves, Contingency, or transfers within the departments object classification lines.
These adjustments effect: General Fund, Section 108 Loan Fund, Coronavirus State & Local Fiscal Recovery Fund, Water & Sewer Utility Fund, and Stormwater Utility Fund. Staff requests City Council approval of the attached budget adjustment and transfer forms, BAF #: 24-063-A&T, for the mid-year review and budget cleanup.
STRATEGIC PLAN CONNECTION:
N/A
BUDGETARY IMPACT:
See the attached tracking sheet and BAF #: 24-063-A&T, for all of the entries.
PREVIOUS ACTION:
N/A
RECOMMENDED MOTION:
Recommendation
Approve a resolution amending the FY 2024 budget, BAF #: 24-063-A&T, for the mid-year, budget review and cleanup, through the use of fund balance reserves, contingency and transfers between object classifications, within each Fund.