ITEM TITLE:
#22-49 - Amending the 2022 City Budget by Recognizing $3.6MM of Additional Revenues, and Appropriating $1.4MM to Various Department Operating Expenses
SUBMITTED BY: Jordan Nelson, Finance Director
FISCAL NOTES:
Expenditure Required: $1,407,500
Unencumbered Balance: $3,739,102
Funding Source: Budget Variance Reserve and Unassigned General Fund Balance
RECOMMENDATION:
Approve
SUMMARY STATEMENT:
• This resolution presents mid-year 2022 recommended budget revisions.
• The mid-year resolution reflects the following items:
o Unfunded portions of 2017-2021 School Bond Debt Reimbursement
o Unbudgeted portion of 2022 School Bond Debt Reimbursement
o Repurposed appropriations from Budget Variance Reserve
o Various operating expenses needing additional budget due to unanticipated inflationary pressures
o Funding for Council Priority: Grant opportunities related to infrastructure