TO: Mayor and Members of City Council
THRU: Doug Hewett, ICMA-CM, City Manager
Jeffrey Yates, Assistant City Manager
FROM: Kimberly Leonard, NCLGBO, NCLGFO, CPA, MPA
DATE: June 24, 2024
RE:
Title
Adoption of Capital Project Ordinance Amendments 2024-23 through 2024-33 and Special Revenue Ordinance Amendments 2024-13 to 2024-14 to allocate interest earnings to the projects
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Goal 5: Financially sound city providing exemplary city services.
Executive Summary:
Council is asked to adopt Capital Project Ordinance Amendments (CPOA) 2024-23 through 2024-33 and Special Revenue Ordinance Amendments 2024-13 to 2024-14 to allocate FY24 interest earnings to the appropriate projects and appropriate the corresponding expenditures.
Background:
This investment income was earned on funding received upfront that was held in a pooled investment account. This action allocates the investment income to the appropriate projects per the funding requirements. These funds can only be used for the project for which the fund was approved.
Issues/Analysis:
None
Budget Impact:
None as this will increase revenues.
Options:
1.Adopt the attached CPOAs to allocate the interest revenue and appropriate the corresponding expenditures.
2.Do not adopt the attached CPOAs to allocate the interest revenue and appropriate the corresponding expenditure, and provide further direction to the staff.
Recommended Action:
Adopt the attached CPOAs to allocate the interest revenue and appropriate the corresponding expenditures.
Attachments:
CPOA 2024-23
CPOA 2024-24
CPOA 2024-25
CPOA 2024-26
CPOA 2024-27
CPOA 2024-28
CPOA 2024-29
CPOA 2024-30
CPOA 2024-31
CPOA 2024-32
CPOA 2024-33
SROA 2024-13
SROA 2024-14