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City staff presents midyear budget amendment; council adopts $3M use of fund balance
Summary
City finance staff presented a midyear budget amendment showing higher-than-anticipated beginning reserves and a roughly $3 million planned use of fund balance to cover one-time purchases; the council adopted the amendment.
City finance staff presented a midyear budget amendment on Dec. 16 and the Taylor City Council voted to adopt the amendment after a staff overview and brief discussion.
Jason, the staff presenter, described the amendment as a midyear update that accounts for audit-updated fund balances, carryovers and grant activity. "What I like to call our midyear budget amendment," Jason said, noting the city’s beginning unrestricted general-fund reserves were about $24,800,000 compared with an original budget expectation of $23,200,000. With the amendment, Jason said the anticipated ending fund balance at fiscal-year end is approximately $21,800,000 — a roughly $3,000,000 use of fund balance that "accounts for the purchase of fire apparatuses and DPW equipment," and that the reduction was part of previously planned expenditures.
Jason told the council the amendment covers multiple funds but that general-fund changes were most visible on the first two pages; other fund changes were driven largely by grant revenues and expenditures and therefore had a net-zero effect on those fund balances. He said the fiscal year began July 1 and the audit provided more accurate beginning reserves for the amendment calculations.
After the presentation the council moved to approve the budget amendment; the motion carried by voice vote during the meeting.
The council was told further budget amendments are possible before year end. The finance presentation and approval put the city on record to use the identified fund balance in support of planned capital and one-time purchases.
