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Council moves funds to cover midyear budget shortfalls
Summary
Controller reported the city is at midyear and staff identified unbudgeted repairs and other shortfalls; council approved a resolution to transfer funds from contingency to cover the accounts identified, moving roughly $260,000–$270,000 per the controller's summary.
The controller (Louise) told the council the packet before them reflected half of the fiscal year and that revenues and spending were generally on target. She said the city budgeted $1.5 million in contingency lines and that the resolution before council would move about $260,000–$270,000 from contingency to cover identified shortfalls related to unexpected repairs and other costs.
"We budgeted $1,500,000 in contingency lines," the controller said, explaining staff expect to tap contingency during the second half of the budget year to address unplanned needs. Council discussed the resolution and later adopted the budget-transfer resolution on the consent agenda to ensure the affected accounts had adequate funding for the remainder of the fiscal year.
Staff also said they compiled a list of 25 capital projects for prioritization and budgeting work in coming months.
