PRESENTER: Presenter
Karrie Cook, Budget Manager
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SUBJECT: Title
Approval of an FY 2025 Budget Amendment to various projects in the 2019 Bond Fund.
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DEPARTMENT: Finance
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COUNCIL DISTRICTS IMPACTED: N/A
BACKGROUND INFORMATION:
Capital improvement funds are controlled at the project level, meaning that City Council approval is required to establish and amend the budgets for capital projects within these funds. The FY 2025 Adopted Budget contains project-level budgets for the 2019 Bond Fund. Since the adoption of the budget, Staff has calculated the latest budget totals based on current project needs.
The budget requirements for each project were fulfilled by reducing a planned interfund fund transfer to the Southeast Library project in the 2023 bond fund. The budget for the Southeast Library project will be sustained by available funds in the 2023 Bond Fund. By reallocating the funds from that transfer, all project budgets in the 2019 Bond Fund are fully funded.
The project budget amendments below will result in a net-zero fund balance impact, meaning that the available funding in the 2019 Bond Fund is sufficient to cover the current costs for the projects.
ISSUE:
N/A
STRATEGIC PLAN REFERENCE:
☐Economic Mobility ☐Enhanced Connectivity ☐Community Identity
☐Organizational Excellence ☐Community Well-Being ☒N/A
FISCAL IMPACT:
This budget amendment will have a net-zero impact on the 2019 Bond Fund.
Recommendation
RECOMMENDATION:
Staff recommends approval of this amendment.