PRESENTER: Presenter
Karrie Cook, Budget Manager
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SUBJECT: Title
Approval of a budget amendment for the FY 2025 General Fund and Facilities Maintenance Fund to eliminate an interfund transfer originally intended for the Facilities Maintenance Fund.
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DEPARTMENT: N/A
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COUNCIL DISTRICTS IMPACTED: N/A
BACKGROUND INFORMATION:
The purpose of the Facilities Maintenance Fund is to set aside funds for unexpected repairs on the City’s aging infrastructure and are used to address major structural and system repairs in City buildings and parks. During the development of the FY 2025 Budget, $550,000 was budgeted in General Fund expenditures to be transferred into the Facilities Maintenance Fund to begin to replenish a contribution that the Facilities Maintenance Fund made to the Zipp Family Sports Park project. However, to ensure that the City meets its fund balance requirement in the General Fund, it is recommended that this transfer be deferred and reconsidered as part of the FY 2026 budget development process.
With the budget amendment, $550,000 will be de-appropriated from General Fund expenditures and Facilities Maintenance Fund revenue and expenses in the FY 2025 Budget.
ISSUE:
N/A
STRATEGIC PLAN REFERENCE:
☐Economic Mobility ☐Enhanced Connectivity ☐Community Identity
☐Organizational Excellence ☐Community Well-Being ☒N/A
FISCAL IMPACT:
This transfer would result in a net-zero budget change in the Facilities Maintenance Fund and a $550,000 decrease in the overall expenditure budget of the General Fund.
Recommendation
RECOMMENDATION:
Staff recommends approval of this amendment.