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 Budget Ordinance Amendment 2024-15 for the General Fund, Stormwater Management Fund, Transit Fund, and Fleet Management Fund
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 requested to adopt Budget Ordinance Amendment (BOA) 2024-15 to increase the annual operating budget for the General Fund by $1,050,520, the Stormwater Management Fund by $2,000,000, the Transit Fund by $120,000, and the Fleet Maintenance Internal Fund by $600,000 to ensure a sufficient budget is available to meet year-end expenditure projections developed with the FY2024 budget process, to provide for additional funding needs recently identified, and to ensure sufficient budget availability should unexpected expenditures arise before the close of the fiscal year. Additional changes under general fund expenditures are reallocation for the recognition of the efficiency savings that were placed originally in other appropriations.
Background:
The total revised General Fund Budget appropriation will be to purchase equipment for Public Services and pay the increased arbitrage payment with the additional funding from Powell Bill funds of $550,520 and interest earned of $500,000. The $2,000,000 appropriated for Stormwater Management Fund is a portion of the $4.838,055 that was originally budgeted in FY24 and returned to net assets appropriation earlier in the fiscal year. The $120,000 increase in Transit is due to an increase in projected FY24 Federal Transit Administration grant funding. The internal service fund, fleet management services, will recoup any additional cost through interfund charges.
Issues/Analysis:
None
Budget Impact:
There is no impact to the General Fund fund balance.
Options:
1.Adopt BOA 2024-15 to appropriate the funding needs as outlined above.
2.Do not approve BOA 2024-15 and provide further direction to the staff.
Recommended Action:
Staff recommends that Council move to adopt Budget Ordinance Amendment 2023-15 as presented.
Attachments:
Budget Ordinance Amendment 2024-15