LEGISLATIVE ACTION ITEM
SPONSOR: D.C. Reeves, Mayor
SUBJECT:
title
SUPPLEMENTAL BUDGET RESOLUTION NO. 2023-055 - UNRECOGNIZED FUND BALANCE ON UNENCUMBERED CARRYOVER RESOLUTION NO. 2023-004
end
RECOMMENDATION:
recommendation
That City Council adopt Supplemental Budget Resolution No. 2023-055.
A RESOLUTION AUTHORIZING AND MAKING REVISIONS AND APPROPRIATIONS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2023; PROVIDING FOR AN EFFECTIVE DATE.
end
body
HEARING REQUIRED: No Hearing Required
SUMMARY:
After the beginning of each fiscal year a supplemental budget resolution is brought to City Council for consideration.
On January 19, 2023, City Council adopted the Non-Encumbered Carryover Resolution No. 2023-004. The resolution was missing the fund balance appropriations in the LOST IV Fund, therefore leaving the fiscal year 2023 budget unbalanced.
It is required to maintain a balanced budget therefore, to do so, the unrecognized fund balance on the unencumbered carryover Resolution No. 2023-004 will be amended by City Council’s adoption of Resolution No. 2023-055.
The attached resolution includes the fund balance appropriations for Fiscal Year 2023 that require Council’s approval.
PRIOR ACTION:
January 19, 2023 - City Council formally adopted the Amended Non - Encumbered Carryover Resolution No. 2023-004.
FUNDING:
N/A
FINANCIAL IMPACT:
All appropriations of City funds in the carryover budget resolution are covered by either an appropriation of fund balance or an increase in estimated revenues. Approval of the supplemental budget resolution provides for a balanced budget for Fiscal Year 2023.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
8/4/2023
STAFF CONTACT:
Kerrith Fiddler, City Administrator
Amy Lovoy - Finance Director
ATTACHMENTS:
1) Supplemental Budget Resolution No. 2023-055
2) Supplemental Budget Explanation No. 2023-055
PRESENTATION: No end