Title
Consider/Discuss/Act on Ordinance Amending the Fiscal Year 2014-2015 Budget Mid-Year to Fund Additional Improvements, Projects and Increased Contractual Obligations
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: June 2, 2015
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
· Approval of ordinance.
ITEM SUMMARY:
· A mid-year budget amendment is recommended to fund additional improvements, projects and increased contractual obligations with excess reserve funds.
· The recommended amendments to the FY2014-15 budget total:
General Fund |
$768,200 |
Water Fund |
$230,400 |
Hotel/Motel Fund |
$20,250 |
Technology Improvement Fund |
$240,000 |
Capital Equip. Replacement Fund |
$99,400 |
MCDC Fund |
$270,000 |
TOTAL |
$1,628,250 |
BACKGROUND INFORMATION:
· An overview of the mid-year budget amendment was presented at the Council Work Session on May 18th.
FINANCIAL SUMMARY:
· The total appropriations for FY2014-15 will increase by $1,628,250. These expenditures will be offset by an overall forecasted revenue increase of approximately $1.6 million.
BOARD OR COMMISSION RECOMMENDATION: N/A