ITEM TITLE:
19-04 - Amending the 2018 City of Valdez Budget by Transferring $340,073 from the Budget Variance Reserve to General Fund, Legal Department, to Cover 2018 Expenses in Excess of Unencumbered Budgeted Funds
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $340,073
Unencumbered Balance: $475K
Funding Source: Budget Variance Reserve; 350.0350.55000
RECOMMENDATION:
Approve resolution amending the 2018 budget
SUMMARY STATEMENT:
• This resolution requests funds sufficient to cover 2018 Legal expenses in excess of unencumbered budgeted funds.
• Though extensive citywide budgetary controls are in place and largely effective, the timing of the November and December legal bills relative to calendar year-end and the occasional high dollar figure of these bills, reveal a procedural shortcoming that must be addressed.
• Council has requested a more detailed view of legal year-to-date actual expenses versus budgeted funds. Staff feels that this review, incorporated into the proposed quarterly budget and operations updates also requested by Council, will enable necessary mid-year course corrections and/or eliminate the need for after-the-fact budget adjustments.
• The City Attorney will provide additional detail regarding 2018 legal tasks and their corresponding costs relative to the approved 2018 budget.
Attachments: 2018 Budget Resolution, Legal Department