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Agenda Item: 11 |
Prepared By: Guillermo Polanco |
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Business: Ordinance |
Department: Finance |
Subject:
Title
Ordinance - First Reading - Fiscal Year 2016 Budget Re-appropriation
Body
BACKGROUND:
Each year the City prepares the budget based on estimated revenues and expenses for the coming year. The unaudited general fund fiscal year 2016 surplus is $1,274,990 which was carried over to fiscal year 2017. During the course of the fiscal year, budget adjustments and revisions due to operational activities and actual expenses are approved by the City Council. The Finance Department periodically updates the City Council throughout the fiscal year on the status of the budget. These adjustments and revisions are then combined into a re-appropriation ordinance for ratification by City Council at the end of each fiscal year as the final amended fiscal year 2016 budget.
The following summarizes the significant changes to the City’s FY 2016 budget:
GENERAL FUND: The changes are comprised primarily of a transfer of $1,609,381 for the partial funding of the unfunded liabilities in the Pension Funds. The Fire Pension Plan insurance premium and supplemental rate funding totaled $530,530 in transfers to the Fire Pension Fund. An amount of $312,602 was appropriated for the engineering portion of the Yellowbird Road impact fee funded Public Works project with an estimated construction cost of $850,000.
CAPITAL PROJECTS FUND: The proposed budget amendment is the prior year carry forward of purchase orders and unexpended appropriations of capital project funds from fiscal year 2015 to the fiscal year 2016 budget to fund capital projects. In addition $3,115,540 funded the construction of the Mackle Park Community Center, a total of $1,374,369 for Public Works projects, including $717,427 for the grant funded Landmark and S. Barfield Bikepath and Shared-Use Pathways projects, $82,880 for sidewalk improvements and the Bayport Tahiti Road & Drainage project, $261,460 for the Public Works Gradall equipment, and $312,602 for Yellowbird Road project.
ASSET REPLACEMENT FUND: $3,115,540 transferred to the Capital Projects fund for the construction of the Mackle Park Community Center.
WATER/SEWER ENTERPRISE FUND: The proposed budget amendment is the prior year carry forward of purchase orders and unexpended appropriations of capital project funds from FY 2015 to the FY 2016 budget to fund capital projects.
FUNDING SOURCE / FISCAL IMPACT: See Exhibit “A”.
RECOMMENDATION: Approval of the FY2016 budget re-appropriation ordinance.
POTENTIAL MOTION: “I move to approve the budget re-appropriation ordinance on first reading.”