Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Amendment topic
No spam. Unsubscribe anytime.
Council approves midyear budget amendment; fund balance projected lower by $3 million
Summary
Finance staff presented a midyear amendment showing beginning unrestricted reserves around $24.8 million and an anticipated year-end fund balance of about $21.8 million, a roughly $3 million planned use of fund balance for one-time purchases; council approved the amendment.
City finance staff presented a midyear budget amendment that the presenter described as a common midyear adjustment reflecting audit results, carryovers and updated revenue and payroll trends. The presenter said unrestricted beginning reserves were about $24,800,000 (original budget assumed $23,200,000) and the amendment anticipates an ending fund balance near $21,800,000, representing an approximately $3 million use of fund balance largely for one-time capital purchases like fire apparatus and DPW equipment.
Explaining the amendment, the presenter said: “Our audit has been completed. Our reserves or fund balance is, more accurate based on the audit... the beginning unrestricted reserves or fund balance is about 24,800,000... With this budget amendment, we anticipate the ending fund balance at the end of this fiscal year to be approximately 21,800,000.” Council approved the midyear amendment after a brief Q&A and a motion to approve.
