File #: BILL NO. 17-43    Name:
Type: Ordinance Status: Passed
File created: 1/30/2017 In control: City Council - Regular Session
On agenda: 2/16/2017 Final action: 2/16/2017
Title: AN ORDINANCE APPROVING AMENDMENT NO. 8 TO THE BUDGET FOR THE FISCAL YEAR ENDING JUNE 30, 2017, AS ADOPTED BY ORDINANCE NO. 7894, BY REVISING THE AUTHORIZED BUDGET EXPENDITURES FOR THE CITY OF LEE'S SUMMIT, MISSOURI. (F&BC 2/6/17)
Attachments: 1. Ordinance, 2. FY17 Projections Presentation
Related files: BILL NO. 16-117
Title
AN ORDINANCE APPROVING AMENDMENT NO. 8 TO THE BUDGET FOR THE FISCAL YEAR ENDING JUNE 30, 2017, AS ADOPTED BY ORDINANCE NO. 7894, BY REVISING THE AUTHORIZED BUDGET EXPENDITURES FOR THE CITY OF LEE'S SUMMIT, MISSOURI. (F&BC 2/6/17)

Body
Issue/Request:
AN ORDINANCE APPROVING AMENDMENT NO. 8 TO THE BUDGET FOR THE FISCAL YEAR ENDING JUNE 30, 2017, AS ADOPTED BY ORDINANCE NO. 7894, BY REVISING THE AUTHORIZED BUDGET EXPENDITURES FOR THE CITY OF LEE'S SUMMIT, MISSOURI

Key Issues:
Before the start of a new fiscal year, City departments will project, or estimate, the final anticipated revenues and expenditures, in the current fiscal year, for their proespective fund or department. The year-end projections are developed to help identify a more accurate financial condition. In some instances, budget amounts are calculated 6 to 12 months before the start of the fiscal year. The process of calculating year-end projections helps refine anticipated revenue and expenditures, and cost savings.

Since the adoption of the original budget on June 16, 2016, the following departments have projected incurring additional costs that would exceed budgeted amounts:

1. Public Works Engineering ($27,827): During the FY17 Projection process, staff identified increased revenues from Capital Project Reimbursements to the General Fund to account for staff time on capital and infrastructure projects. The Capital Project Reimbursement was revised up $65,000 to $1,375,000. This increased revenue will be spent to reimburse related staff overtime expenses.

2. Finance ($211,290): As part of Chapter 100 development projects, the City collects Payment in Lieu of Taxes (PILOTs) from property owners, and disburses the dollars in a manner similar to the County's process for distributing property taxes to applicable jurisdictions. As a result of new projects coming online, the PILOT revenues have been revised up $245,898. The budget amendment will empower the Finance Department to distribute PILO...

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