ITEM TITLE:
#21-47 - Amending the 2021 City Budget by Appropriating $247,550 from Budget Variance Reserve to Cover Various Expenses, by Reallocating Prior Appropriations, by Recognizing $321,000 in Unbudgeted Port Revenues and by Appropriating $50,000 in Additional Port Expenses
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $247,550
Unencumbered Balance: $363,927
Funding Source: Budget Variance Reserve, 350-0350-55000
RECOMMENDATION:
Approve Resolution #21-47
SUMMARY STATEMENT:
This resolution proposes various new appropriations and re-allocation of prior appropriations to balance and reconcile the 2021 budget prior to year-end. It includes:
• Use of $248K from Budget Variance Reserve (“BVR”) to cover:
o Insurance
o Snow Removal
o Finance Dept contractual work
o Electricity costs
• Additional Port Revenue, some of which is used for related additional expense, the remainder goes to Port fund balance
• Closure of School Budgetary Reserve, and re-allocation of the $500K to BVR and Leave Liability Reserve
o This was discussed during final Budget workshop
o This reduces total appropriations in pending 2022 Budget
• Re-balancing of Salaries/Wages citywide, adding to three departments that are over-budget, and funding from a department that is under-budget.
o This is a nominal $22K adjustment on a $10MM citywide salary/wage budget
• Reallocating contractual services budget from Planning to Parks Maintenance for Road/Trails work
Management will bring these budget resolutions to Council quarterly, in conjunction with quarterly financial statements
Next review and resolution will be in Feb or March, and will include 2021 “carry forward” funds and projects budgeting, along with any other operating requests and reallocations.