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Agenda Item: 12(a) |
Prepared By: Guillermo Polanco, Director |
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Business: Resolution |
Department: Finance |
Subject:
Title
Resolution - Public Hearing - Fiscal Year 2024 Budget Re-Appropriation - Guillermo Polanco, Director, Finance
Body
BACKGROUND:
Each year the City prepares the budget based on estimated revenues and expenses for the coming year. 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 resolution for ratification by City Council at the end of each fiscal year as the final amended fiscal year 2024 budget.
The following summarizes the significant changes to the City’s FY 2024 budget:
GENERAL FUND: The proposed changes are primarily comprised of recognizing insurance premium funds from the State for the Fire and Police Pension Plans in the amounts of $869,063 and $123,525, respectively. The changes also reflect the $209,034 necessary to prepare for Hurricane Helene as it does not qualify for federal public assistance.
CAPITAL PROJECTS FUND: The proposed changes are comprised of budget amendments and the prior year carry forward of purchase orders and unexpended appropriations of capital project funds from fiscal year 2023 to the fiscal year 2024 budget to fund capital projects. The largest budgetary amendments relate to the Public Works South Barfield drainage project for $671,180, Fire Pumper purchase for $512,471, Police & Community Room air machine for $134,000 which is funded from the One Cent Fund, Collier/Barfield intersection for $90,000, Fire Boat change order for $45,400, and Fire Department Cardiac Monitors for $30,372.
SHORT TERM RENTAL FUND: The proposed changes for the Short-Term Rental program are to reverse the fiscal year 2024 adopted budget of $256,366.
WATER/SEWER ENTERPRISE FUND: The proposed budget amendments are primarily due to the Collection and Distribution building of $2,800,000, the purchase of the North Marco Utility for $1,801,054, and the Utility Bond Refunding prepayment of $5,057,799.
GRANT FUND: The proposed changes are due to expenses incurred due to Hurricane Helene which is comprised mainly of wages and benefits and are not eligible for federal public assistance.
FUNDING SOURCE / FISCAL IMPACT: See Exhibit “A”.
RECOMMENDATION: Approval of the FY2024 budget re-appropriation resolution.
POTENTIAL MOTION: “I move to approve Resolution 24-65.”