TO: Mayor and Members of City Council
THRU: TO: Jeffrey Yates, Assistant City Manager
FROM: Kimberly Leonard, CLGBO, CLGFO, CPA, MPA, Budget and Evaluation Director
DATE: January 8, 2024
RE:
Title
Adoption of Budget Ordinance Amendment 2024-9 for the Fiscal Year 2023-2024 to move Cape Fear Regional Theater funds from Other Appropriations to Economic and Community Development
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Goal V - Financially sound City Providing Exemplary City Services.
Executive Summary:
During the adoption of the FY 2023-24 Operating and Capital Budget, the City Council allocated $500,000 for capital support to the Cape Fear Regional Theater. As part of the administration of those funds, the Council is asked to adopt Budget Ordinance Amendment (BOA) 2024-9 to move $500,000 of funding for the Cape Fear Regional Theater from Other Appropriations to Economic and Community Development. Moving the funds to Economic and Community Development would provide more direct oversight and tracking of these funds.
Background:
On June 21, 2023, the Council adopted the Fiscal Year 2023-2024 budget which included $500,000 in funding for the Cape Fear Regional Theater. At the time, the funds were placed in Other Appropriations. Moving the funds to another department does not impact the funding or the recipient.
Issues/Analysis:
None.
Budget Impact:
There is no impact to the General Fund.
Options:
1) Adopt BOA 2024-9 to move the Cape Fear Regional Theater funding to Economic and Community Development.
2) Do not adopt BOA 2024-9 and provide further direction to staff.
Recommended Action:
Staff recommends that the Council adopt BOA 2024-9 to move the Cape Fear Regional Theater funding to Economic and Community Development.
Attachments:
BOA 2024-9