TO: Mayor and Commissioners
FROM: Mark R. Lauzier, City Manager
DATE: June 5, 2018
Title
Resolution No. 63-18, Budget Amendment
Body
Recommended Action:
Recommendation
Motion to approve Resolution No. 63-18 amending the budget for Fiscal Year 2017/18 adopted September 26, 2017.
Body
Background:
This is a request to amend the adopted FY 17/18 budget to account for changes necessary since its adoption in September 2017.
Total changes:
Adopted budget: $118,220,551
Increase to General Fund: 12,088,528
Encumbrance: 1,875,451
$132,184,490
The need for the changes is to reflect an increase of revenue of $7,444,853 plus account for a use of surplus of $4,643,675 from FY 16/17 as well as reflect increased expenses of $10,504,297 with a contingency of $1,584,231. The specific changes are reflected in the attached Narrative.
Some of the highlights are:
GENERAL FUND
The Building Permit Fund is being transferred back to the General Fund. This separate fund was set up in FY 16/17 and at the request of the City of Delray Beach (City) auditors, it is being moved back into the General Fund. This accounts for $6,240,595 in increased revenues and $2,268,739 in expenses.
The City has also discontinued the Master Lease funding program. This was an initiative of a prior Finance Director where $7.4 million of assets have been purchased to date. This is not a common activity for a municipality and does not have the present City Attorney's approval. After reducing the $7.4 million by funds previously transferred to the General Construction Fund for purposes of paying this debt ($1.9 million), we will use $4.6 million of FY 2016/17 fund balance and $0.9 million of FY 2017/18 anticipated fund balance to fund and end this program.
Additional funding requests included are a Senior Treasury Analyst position in the Finance Department that will be offset by increased investment income. The Information Technology Department will be addressing unanticiapted c...
Click here for full text