ITEM TITLE:
#22-13- Amending the 2022 City Budget by Recognizing $8.6MM of Additional Revenues, Appropriating $3.7MM of Excess Funds Carried Forward from 2021, and Appropriating $10.1MM to Council-approved Capital and Major Maintenance Projects and Miscellaneous Operating Expenses
SUBMITTED BY: Jordan Nelson, Interim Finance Director
FISCAL NOTES:
Expenditure Required: $19.1MM
Unencumbered Balance: $20.8MM
Funding Source: New/additional revenues ($8.6MM), 2021 Carry-Forward ($3.7MM), repurposed prior-year appropriations ($8.5MM)
RECOMMENDATION:
Approve
SUMMARY STATEMENT:
• This resolution presents first-quarter 2022 recommended budget revisions. Going forward, management will strive to consolidate citywide revisions in to regular quarterly resolutions.
• The first quarter resolution reflects the following items:
o Council-approved projects
o 2021 Carry Forward
o Additional property tax revenues
o Misc appropriations requests for operations
o Interfund transfers
• The attached 2022 Q1 Budget Amendment Summary shows figures for all of the above-referenced categories, and a net increase to General Fund Balance of $1.75MM
• Attachment A: 2022 Q1 Budget Amendment Ledger provides line-item detail of all requested/recommended revisions
• Management has provided a separate 2021 Carry-Forward Analysis
• Property Tax revenue above adopted 2022 budget is comprised of:
o $350MM increase to oil & gas tax roll ($7MM revenue)
o $55MM increase to non oil & gas property roll ($1.1MM revenue)