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Title:
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#25-42 - Amending the 2025 City Budget by Transferring $134,444 from Budget Variance Reserve to Community Development Department Contractual Services
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ITEM TITLE:
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#25-42 - Amending the 2025 City Budget by Transferring $134,444 from Budget Variance Reserve to Community Development Department Contractual Services
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SUBMITTED BY: Jordan Nelson, Finance Director
FISCAL NOTES:
Expenditure Required: $134,444
Unencumbered Balance: $350,122
Funding Source: Budget Variance Reserve, 350-0350-55000
RECOMMENDATION:
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Approve Resolution 25-42.
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SUMMARY STATEMENT:
There are two contracts in 2024 Community Development Department where appropriations expired before encumbrances were in effect.
1. The first contract for $75,000 for the Housing Needs Assessment was executed in late December, communication oversight between Community Development and Finance Department led to 2024 Budget appropriations expiring before the fully executed contract was encumbered.
2. The second contract for $59,044 was fully executed in October, however, a W-9 was not received until July 2025 leading to 2024 Budget appropriations expiring before the fully executed contract was encumbered.
The Community Development 2025 Budget does not have a level of appropriation sufficient to cover both contracts without significant reduction in anticipated level of service for the remainder of the fiscal year.
Budget Variance Reserve exists to absorb unanticipated, unexpected, and necessary appropriations and is budgeted at a sufficient level of funding to alleviate this issue.