ITEM TITLE:
#26-43 - Amending the 2026 City Budget by Appropriating an Additional $2,750,000 to Legal Department for Legal Fees to be Transferred from the Repayment Reserve
SUBMITTED BY: Jordan Nelson, Finance Director
FISCAL NOTES:
Expenditure Required: $2,750,000
Unencumbered Balance: $20.4M
Funding Source: 350-0650-55000
RECOMMENDATION:
Approve Resolution 26-43.
SUMMARY STATEMENT:
Legal fees over the course of the year were higher than estimated during the annual budgeting process.
AS 43.56 (oil & gas) property litigation is the driving factor in legal fees being higher than initial estimate, the established Repayment Reserve has, in recent history, been a funding source for expenses related to such litigation.
Budget amendments must be formally appropriated via Budget Amendment Resolution.