ITEM TITLE:
#24-58 -Amending the 2024 City Budget by Transferring $24,000 from Budget Variance Reserve, and Re-Allocating Prior Appropriations
SUBMITTED BY: Jordan Nelson, Finance Director
FISCAL NOTES:
Expenditure Required: $24,000
Unencumbered Balance: $248,535
Funding Source: 350-0350-55000, Budget Variance Reserve
RECOMMENDATION:
Approve
SUMMARY STATEMENT:
This resolution proposes new revenue appropriations with related expense appropriations and reallocates prior appropriations to balance and reconcile the 2024 budget to year-end.
This resolution includes:
• Reallocation of existing appropriations to cover various shortfalls totaling $109,000
o Salaries/Wages $10,000
o Benefits $24,000
o Operations $75,000
• Transfer from Budget Variance reserve totaling $24,000
o Insurance $24,000
The next review and resolution related to the 2024 Budget will be in February or March to allocate “carryforward” funds.