Presenter/Contact
Presenter
Greg Gutierrez, Financial Analyst
Contact Info
(830) 221-4398 - ggutierrez@nbtexas.org
Subject Header
SUBJECT:
Title
Approval of a budget amendment within the FY 2020 General Fund and a budget amendment within the Debt Service Fund.
Body
BACKGROUND / RATIONALE:
General Fund Amendment - A budget amendment is necessary in the Fire Department for employee expenses associated with the increase demand on Fire Department staff during the COVID 19 pandemic. This overage was expected and included in the FY 2020 estimates during the development of the FY 2021 Proposed Budget. A portion of the overage will be covered by transferring savings within the Fire Department’s operating and capital allocation(s). A budget amendment will be needed to cover the remaining overage. Staff recommends utilizing contingencies and available interfund transfer allocation to support the amendment. Contingencies are budgeted in Non-Departmental and can only be used through City Council action to address unforeseen expenditures. The following budget amendment is recommended for City Council consideration.
Budget Amendment - General Fund
Increase: Fire Department - Employee Expenditures $361,631
Decrease: Non-Departmental - Contingencies $223,640
Decrease: Non-Departmental - Contingencies $137,991
Debt Service Fund Amendment - When the 2019 Tax Rate calculations were developed to support the FY 2020 Debt Service Fund budget, the first-year payment for the 2019 bond issuance was estimated. After the issuance was approved (after the tax rate was adopted), the first-year payment was slightly higher than anticipated. As a result, the following budget amendment is recommended.
Budget Amendment - Debt Service Fund
Increase: Debt Service $71,289
ADDRESSES A NEED/ISSUE IN A CITY PLAN OR COUNCIL PRIORITY:
|
X |
Yes |
|
Maintain fiscal stability of City operations |
FISCAL IMPACT:
Sufficient funds are available in the General Fund and Debt Service Fund to support the amendment as described above.
Recommendation
COMMITTEE RECOMMENDATION:
N/A
STAFF RECOMMENDATION:
Staff recommends approval of the budget amendments in the FY 2020 General Fund and Debt Service Fund.