Title
An Ordinance approving Amendment No. 11 to the budget for the Fiscal Year ending June 30, 2024, as adopted by Ordinance No. 9704, Ordinance No. 9705, Ordinance No. 9706, Ordinance No. 9707, and Ordinance No. 9708, by amending the authorized expenditures for the City.
(Note: First read by Council on March 19, 2024. Passed by unanimous vote.)
Body
Issue/Request:
An Ordinance approving Amendment No. 11 to the budget for the Fiscal Year ending June 30, 2024, as adopted by Ordinance No. 9704, Ordinance No. 9705, Ordinance No. 9706, Ordinance No. 9707, and Ordinance No. 9708, by amending the authorized expenditures for the City.
Key Issues:
-The Mayor and City Council approved Ordinance No. 9757 September 26, 2023 to update the City’s General Fund Balance policy. The policy states the Unassigned General Fund Balance should be a minimum of 25%, maximum of 35% of recurring general fund operating revenues or expenditures, whichever is greater, based on prior fiscal year. If the amount is more than the maximum 35% cap, then the City Manager shall notify the City Council and present a recommendation for appropriate use of the funds for expenditures considered to be one-time in nature. $11,057,673 was identified as the amount to bring the unassigned fund balance down to the 35%.
-The City Manager presented a list of appropriate items to the Finance and Budget Committee on February 16, 2024 for consideration. One of the expenditures on the list was a transfer of $7 million to the Green Street Improvement Fund for development and construction of the Downtown Market Plaza
-An updated financing presentation for the Downtown Market Plaza was given to the Mayor and City Council on February 27, 2024. The presentation included the transfer of $7 million from the General Fund Balance to the Green Street Improvement Fund, as well as the transfer of $8,510,598 in Capital Improvement Funds to the Green Street Improvement Fund.
-The purpose of this budget amendment is to transfer funds into the Green Street Improvement Fund (fund 359). The following funds will be transferred:
- $7,000,000 from the General Fund (fund 100)
- $7,779,545 from the Street and Storm Fund (fund 322)
- $190,305 from the Water Fund (fund 316)
- $540,748 from the Sanitary Sewer Fund (fund 317)
-This budget amendment will also increase the spending authority of the Green Street Improvement Fund for development and construction of the Downtown Market Plaza.
-The General Fund expenditures will be raised $7 million in the Finance Department, then transferred from the General Fund to the Green Street Improvement Fund.
Proposed City Council Motion:
I move for adoption of an Ordinance approving Amendment No. 11 to the budget for the Fiscal Year ending June 30, 2024, as adopted by Ordinance No. 9704, Ordinance No. 9705, Ordinance No. 9706, Ordinance No. 9707, and Ordinance No. 9708, by amending the authorized expenditures for the City.
Presenter
Ryan Elam, Assistant City Manager
Recommendation
Recommendation: Staff recommends approval