ITEM TITLE:
Resolution #17-37 - Amending the 2017 City Budget by Reallocating $2,321,325 of Previously Appropriated Funds and Appropriating $257,577 from Audited 2016 Carry-Forward Funds, to Reflect Revised Revenue-Cap Estimates and Other Operational Changes
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $257,577
Unencumbered Balance: $4,648,449
Funding Source: General Fund Balance; 2016 Carry-Forward
RECOMMENDATION:
SUMMARY STATEMENT:
This proposed budget revision transfers appropriations among numerous departments and funds, and includes new appropriations totaling $246K. Details and explanatory notes are provided in Attachment A, and are summarized as follows:
• Re-allocation $2.26MM previously appropriated from General Fund to Debt Service fund, reflecting anticipated “over-cap” revenue. Revised estimates suggest that the City will not have such revenues.
• Allocation of $61,325 of funds appropriated for flood mitigation work to specific flood-related projects.
• Proposed $246,145 in additional appropriations for other operations.
• Inter-fund transfers in (revenue) and out (expense), as the bookkeeping mechanism to move appropriations between different funds.