Agenda Item: 16(c)
Prepared By: Carol McDermott, Finance Director
Business: Resolution
Department: Finance
Subject:
Title
Resolution - Public Hearing - Fiscal Year 2025 Budget Re-Appropriation - Carol McDermott, 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 2025 budget.
The following summarizes the significant changes to the City's FY 2025 budget:
GENERAL FUND: The proposed changes are primarily comprised of recognizing casualty insurance premium funds from the State for the Fire and Police Pension Plans in the amounts of $609,014 and $234,906, respectively.
GRANT FUND: The proposed changes are due to expenses incurred related to the grant accountant contract renewal and derelict vessel removal.
HIDEAWAY BEACH SPECIAL TAX DISTRICT: The proposed changes are due to the Hideaway Beach TDC grant in the amount of $350,000 for beach restoration.
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 2024 to the fiscal year 2025 budget to fund capital projects. The largest budgetary amendments relate to the Fire Department for the purchase of MSA self-contained breathing apparatus in the amount of $344,970 which was financed through a tax-exempt lease, Fire Department Cardiac Monitors for $83,058, a donation from Earthwerks for the water quality stud...
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