TO: Mayor and Commissioners
FROM: Jack Warner, Finance Department
THROUGH: Donald B. Cooper, City Manager
DATE: May 3, 2016
Title
RESOLUTION NO. 15-16, BUDGET AMENDMENT
Body
Recommended Action:
Recommendation
Motion to Approve Resolution No. 15-16
Body
Background:
The proposed amended budgets reflect both results to date and anticipated future changes in normal operating activity. The budgets also reflect the resolutions of several one-time items. The overall effect is an increase in general fund expenses of $8.9 million. The forecasted year end undesignated general fund balance is $23.5 million, or 19.2% of general fund expenses.
Notable general fund normal revenue increases occur in property taxes and franchise fees, both of which reflect continuing increases in economic activity. Notable normal expense increases include an increase in the transfer to the general construction fund.
One-time expense items include paying the $3 million in historical loans from the general fund to the two golf courses, and paying the $2.6 million loan used to fund the OSS Garage retail space. Partially offseting these one-time expenses is the $1.5 million in unbudgeted revenue related to Auburn Trace. No decision has been made for spending the Auburn Trace revenues associated with the UDAG loan.
The attached Resolution, exhibit and narrative provide details of the proposed changes for all the major funds.
City Attorney Review:
Approved as to form and legal sufficiency.
Finance Department Review:
Finance recommends approval.
Funding Source:
Outlined in narrative.
Timing of Request:
Approval of the proposed amendment is necessary to maintain normal operating tempo.