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File #: SUBSTITUTE BILL NO. 20-228    Name:
Type: Ordinance Status: Passed
File created: 11/24/2020 In control: City Council - Regular Session
On agenda: 12/15/2020 Final action: 1/5/2021
Title: An Ordinance approving Amendment No. 4 to the budget for the Fiscal Year ending June 30, 2021, as adopted by Ordinance No. 8905 and Ordinance No. 8906, by amending the authorized expenditures in the Business & Industry Fund for the City of Lee’s Summit, Missouri. (Note: First reading by Council on December 15, 2020.)
Attachments: 1. Ordinance, 2. FY21 Budget Amendments tracker - Amendment No. 4
Title
An Ordinance approving Amendment No. 4 to the budget for the Fiscal Year ending June 30, 2021, as adopted by Ordinance No. 8905 and Ordinance No. 8906, by amending the authorized expenditures in the Business & Industry Fund for the City of Lee’s Summit, Missouri.
(Note: First reading by Council on December 15, 2020.)

Body
Issue/Request:
An Ordinance approving Amendment No. 4 to the Budget for the Fiscal Year ending June 30, 2021, as adopted by Ordinance No. 8905 and Ordinance No. 8906, by amending the authorized expenditures in the Business & Industry Fund for the City of Lee’s Summit, Missouri.

Key Issues:
The Business & Industry (B&I) Fund contains the expenditures for the Public Service Agreements (PSA). The revenue source for the B&I Fund is the Hotel/ Motel Tax. When the FY21 Budget was approved by the City Council, the decision was made to budget the hotel/ motel tax revenues for the full year and provide six months (half of the normal expenditure amount) of funding to the PSA organizations.

After presentations to the Finance and Budget Committee and the full City Council, direction was given to City staff to prepare an ordinance outlining extensions to the PSA contracts for the second half of the fiscal year. A budget amendment is needed to authorize the additional expenditures in the Business and Industry Fund.

This proposed budget amendment number 4 is for the Business and Industry Fund that will be allocated to the Downtown Lee’s Summit Main Street, Lee’s Summit Economic Development Council, and Velocity Lee’s Summit, Inc. pursuant to public service agreements.

Proposed City Council Motion:
I move for adoption of an Ordinance approving Amendment No. 4 to the Budget for the Fiscal Year ending June 30, 2021, as adopted by Ordinance No. 8905 and Ordinance No. 8906, by amending the authorized expenditures in the Business & Industry Fund for the City of Lee’s Summit, Missouri.

Background:
At the Finance and Budget Committee meeting on Novem...

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