ITEM TITLE:
#22-48 - Amending the 2022 Budget by Transferring $312,568 from Unassigned General Fund Balance to Various Departments in the General Fund, Port Fund, Harbor Fund, Airport Fund, and Utility Fund for the Purpose of Providing a 4.2 Percent COLA for All Employees
SUBMITTED BY: Jordan Nelson, Finance Director
FISCAL NOTES:
Expenditure Required: $312,568
Unencumbered Balance: $312,568
Funding Source: Carryforward in Wages/Benefits/OT/Temp
RECOMMENDATION:
Approve
SUMMARY STATEMENT:
• Finance will bring a similar resolution near the end of the fiscal year, replenishing General Fund Balance by the amount of $312,568 upon analysis of budget vs actual in the Wages/Benefits/OT/Temp line items per Council’s desire to fund this COLA from said source.
• Recommended implementation date is based on City Manager recommendation and operational considerations.