ITEM TITLE:
#19-02 - Amending the 2018 City Budget by Transferring $25,000 from Budget Variance Reserve to Technology Reserve to Cover Actual 2018 Expenses in Excess of Initial Estimates and Unencumbered Budgeted Funds
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $25,000
Unencumbered Balance: $500,000
Funding Source: 350-0350-55000 Budget Variance Reserve
RECOMMENDATION:
Approve Resolution amending 2018 Budget
SUMMARY STATEMENT:
• This Resolution requests a transfer of $25,000 from Budget Variance Reserve to cover a shortfall in the Technology Reserve.
• Staff proposes replenishing these funds with the estimated 2018 carry-forward, which will be presented to Council as a 2019 budget resolution in March.
• The shortfall in Technology reserve arose from a Finance Department miscalculation and misallocation of various technology costs, including the ransomware incident, the system rebuild, and implementation of new software.
• Staff is actively working toward improved budget controls and inter-departmental communications and procedures to ensure that all commitments remain within unencumbered budgeted limits.