PRESENTER: Presenter
Karrie Cook, Budget Manager
Body
SUBJECT: Title
Approval of an FY 2025 budget amendment for the General Fund and the Special Revenue Fund totaling $265,000 to reallocate street maintenance funding.
Header
DEPARTMENT: Public Works - Streets
Body
COUNCIL DISTRICTS IMPACTED: N/A
BACKGROUND INFORMATION:
With the adoption of the FY 2025 Budget, Council approved an increase in operating expenditures to maintain roadway infrastructure across the City of New Braunfels. The Finance Department has identified an alternative funding source within the Special Revenue Fund via the Street Trust Account, that will allow the General Fund to divert $265,000 worth of street maintenance work without impacting the total funding dedicating to street maintenance in FY 2025.
The Street Trust Account accounts for revenues generated from the right-of-way abandonment process. Per Sec. 118-56 of the City of New Braunfels Code of Ordinances, the revenues generated from the right-of-way abandonment process may be used for “land acquisitions and improvements related to street projects within the city”. These allowable uses fit within the parameters of the street maintenance and repair work previously funded in the General Fund.
Budget Amendment- The following budget amendment is recommended to shift funding for street maintenance work originally allocated to the General Fund to the Special Revenue Fund as previously explained.
ISSUE:
N/A
STRATEGIC PLAN REFERENCE:
☐Economic Mobility ☐Enhanced Connectivity ☐Community Identity
☒Organizational Excellence ☐Community Well-Being ☐N/A
FISCAL IMPACT:
With the budget amendment, sufficient allocation would be available in the Special Revenue Fund to fund the street maintenance work originally intended to be supported by the General Fund.
Recommendation
RECOMMENDATION:
Staff recommends approval of this amendment.