Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2015-2016 Budget Mid-Year to Fund Additional Improvements, Projects and Increased Contractual Obligations and Amending the 2016 - 2020 Capital Improvements Program to Fund Street Reconstruction Project (ST1622)
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: June 21, 2016
DEPARTMENT: Budget
CONTACT: Mark Holloway, Acting 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 FY2015-16 budget are as follows:
• This Ordinance also amends the FY2015-2016 annual CIP budget and the 2016 - 2020 Capital Improvement Program, by transferring $2,000,000 from General Fund to the Street Construction Fund and appropriating the funds to CIP project ST1662 Street Reconstruction Project.
BACKGROUND INFORMATION:
• An overview of the mid-year budget amendment was presented at the Council Work Session on June 20th.
FINANCIAL SUMMARY:
• Total appropriation increases will be offset by overall forecasted revenue increases and decreases in other appropriated expenditures.
BOARD OR COMMISSION RECOMMENDATION: N/A