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#24-16 - Amending the 2024 Budget by Appropriating $5.6MM of Excess Funds Carried Forward from 2023 to the Capital Planning Reserve and by Re-allocating $1.8MM from Previously Appropriated and Approved Capital and Major Maintenance Projects
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SUBMITTED BY: Jordan Nelson, Finance Director
FISCAL NOTES:
Expenditure Required: $7.4MM
Unencumbered Balance: $7.4MM
Funding Source: $5.6MM from General Fund Fiscal Year 2023 Excess Funds Carried Forward, and $1.8MM Re-allocated Funds from Capital and Major Maintenance Projects
RECOMMENDATION:
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Approve
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SUMMARY STATEMENT:
Final prioritization of projects for the upcoming fiscal year will take place during October/November Operating Budget workshops to adopt both "Operating" and "Capital" budgets simultaneously.
In order to facilitate this convention, Valdez City Council is electing to re-activate the Capital Projects Planning Reserve where excess funds carried-forward from the prior fiscal year will be placed in reserve annually and appropriated during the Operating and Capital Budget process which is typically adopted by the first week of December.
Attachment A includes excerpts from the 2015 Budget outlining the spirit of this process, and the intention to take similar action with the 2015 Budget. Council and Administrative priorities changed drastically in 2015 with a volatile revenue picture and turnover.
For this year, it means the 2023 Fiscal Year Carryforward is placed in the Capital Projects Planning Reserve until the 2025 Operating and Capital Budget workshops in the fall of 2024 where funds will be appropriated to Capital and Major Maintenance priorities for Fiscal Year 2025.
With this resolution, Council wishes to establish this convention for future Operating and Capital Budgets.
Since this is the first year of a new projects budgeting convention, projects team respectfully requests funding for three projects outside of the full prioritization process in order to keep mome...
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