ITEM TITLE:
#24-43 - Amending the 2024 Budget by Appropriating an Additional $1,900,000 to Legal Department for Legal Fees to be Transferred from Repayment Reserve
SUBMITTED BY: Jordan Nelson, Finance Director
FISCAL NOTES:
Expenditure Required: $1,900,000
Unencumbered Balance: $17,659,717
Funding Source: Repayment Reserve; 350-0650-55000
RECOMMENDATION:
Approve
SUMMARY STATEMENT:
Legal fees pursuant to escaped property litigation continue to be the driving factor in excess legal fees.
Council has established a Repayment Reserve as a funding source for expenses related to Escaped Property litigation.
Budget amendments must be formally appropriated via Budget Amendment Resolution.