ITEM TITLE:
#21-12 - Amending the 2021 City Budget by Appropriating $5.5MM of Excess Funds Carried Forward from 2020, and $10.5MM from Unassigned General Fund Balance, and $7.7MM of Prior Project Appropriations to Council-Approved Capital and Major Maintenance Projects and Miscellaneous Operating Expenses
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $23.7MM
Unencumbered Balance: $57MM
Funding Source: General Fund unassigned balance ($49MM) and existing reserve funds (8MM)
RECOMMENDATION:
approve
SUMMARY STATEMENT:
• This resolution formalizes the annual projects-budgeting process by revising the recently-adopted 2021 budget.
o Providence/Hospital projects are excluded from this agenda item, and are captured in a separate resolution. Hospital projects will have no net impact on City budgets.
• Appropriations and sources of funds are summarized in the “appropriations summary” attachment, and are fully detailed in “attachment A” of the resolution.
o Funding sources include $5.5MM of funds carried forward from 2020. A separate analysis of these funds is attached to this agenda item.
• Net “new” funds required totals $10.5MM, which is $2.4MM higher than the $8.2MM presented to Council. See attached “Budget Revision and Fund Balance Summary”
o The increase reflects the addition of Lowe River Dike Improvements project ($3.5MM), which was discussed and approved by Council and included in Capital Facilities cost summaries, but was mistakenly omitted in Finance Department’s summary figures.
o All other summarized costs were reduced by approximately $1.2MM total, which reflects final staff project estimates and up-to-date revisions of existing project balances.
o “construction of designed projects” and “project closures” summary figures are each increased by approximately $2.5MM, which reflects repurposed “pavement management” project funds. This has no impact on overall totals, as they “net” to zero. Staff’s original presentation to Council reflected the “net” figure.
o “available fund balances” summary figures are increased by $6.6MM, which reflects the “harbor maintenance reserve”. This gives Council a more complete view of City funds, though these funds will likely be appropriated to the “H through K” dock work.