File #: RES 22-0030    Version: 1
Type: Resolution Status: Agenda Ready
File created: 4/22/2022 In control: City Council
On agenda: 5/4/2022 Final action:
Title: #22-30 - Amending the 2022 City Budget by Transferring $800,000 from Unassigned General Fund Balance to the Local Utility Inflation Assistance Program, and Authorizing Expenditure Therefrom
Attachments: 1. #22-30 - Amending Budget by Transferring Funds for Energy Assistance Payment, 2. Attachment A - Historic Utility Rates, 3. AAA Gas Prices

ITEM TITLE: 

#22-30 - Amending the 2022 City Budget by Transferring $800,000 from Unassigned General Fund Balance to the Local Utility Inflation Assistance Program, and Authorizing Expenditure Therefrom

 

SUBMITTED BY: Mark Detter, City Manager

 

FISCAL NOTES: 

Expenditure Required: $800,000

Unencumbered Balance: $5,632

Funding Source: 350-0450-55000; Energy Assistance Program

 

RECOMMENDATION:

Approve

SUMMARY STATEMENT:

•                     Attachment A shows rate increases from available data ranging from 10%-69%

•                     Data shows gasoline prices increase 44% in last year.

•                     Expenditure projects an additional $550 Energy Assistance payment to estimated applicant pool

•                     Expenditure reflects net new appropriation to the 2022 Budget from accumulated savings

•                     Waiver of set-off provision is not included in this resolution. If directed by Council to waive the set-off provision, administration will need to submit a separate resolution at the next regular meeting on May 17th.

•                     Staff projects the following timeline:

o                     Application Period: June 1-30

o                     Payment by July 31st