PRESENTER: Presenter
Karrie Cook, Budget Manager
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SUBJECT: Title
Approval of FY 2024 budget amendments for the General Fund, River Fund, Enterprise Equipment Replacement Fund, Facilities Maintenance Fund, Fleet Fund and the Downtown TIRZ Fund.
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DEPARTMENT: Finance
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COUNCIL DISTRICTS IMPACTED: N/A
BACKGROUND INFORMATION:
General Fund Amendment -Per the City’s financial policy, if an overall department budget needs to be increased or decreased, a budget amendment is required via City Council approval. Due to higher than anticipated employee expenditures, end-of-year accruals, increased service and equipment costs, and unanticipated operating expenditures, budget amendments are required in the City Council, City Attorney, City Administration, Human Resources, Communications & Community Engagement, Economic Development, Police, Municipal Court, Fire, Public Works, and Non-Departmental departments of the General Fund Budget. Many of these amendments are consistent with the FY 2024 projections developed during the most recent budget process. Staff recommends utilizing savings generated by the City Secretary, Human Resources, Information Technology, Police, Municipal Court, Public Works, and Parks, Non-Departmental, Finance, and Economic & Community Development Departments to support this amendment, so there will be no direct financial impact to the General Fund. With the approval of these amendments, total General Fund expenditures are still projected to be lower than the FY 2024 Estimate developed during the budget process. The following General Fund budget amendments are recommended for City Council consideration.
River Fund Amendment - A budget amendment to supplement the operating category is required due to various river enhancements. The River Fund has sufficient funds to support this amendment.
Enterprise Equipment Replacement Fund Amendment - A budget amendment is required to supplement the operating expenditure category due to the mid-year closeout of this fund. During FY 2024, funds were returned to the Enterprise Funds and transactions ceased in this fund. Enterprise funds will support equipment replacements directly in future fiscal years.
Facilities Improvement Fund Amendment - A budget amendment to supplement the operating category is required due Citywide landscaping and maintenance of the Veteran’s memorial. The Facilities Maintenance Fund has sufficient funds to support this amendment.
Fleet Services Fund Amendment - A budget amendment to supplement the operating category is required due higher than anticipated maintenance costs in FY 2024. Sufficient funds are available to support this amendment.
Downtown TIRZ Amendment - A budget amendment to supplement the operating category is required due to the business grant program beginning during FY 2024. The Downtown TIRZ Fund has sufficient funds to support this amendment.
ISSUE:
N/A
FISCAL IMPACT:
The General Fund amendment does not result in a fiscal impact and as it does not increase expenditures within the General Fund, therefore sufficient funds are available in the General Fund to support the amendment. The River Fund, Enterprise Equipment Replacement Fund, Facilities Maintenance Fund, Fleet Fund and the Downtown TIRZ Funds have sufficient funds to support the amendments described above.
Recommendation
RECOMMENDATION:
Staff recommends approval of all budget amendments for FY 2024.