LEGISLATIVE ACTION ITEM
SPONSOR: D.C. Reeves, Mayor
SUBJECT:
title
SUPPLEMENTAL BUDGET RESOLUTION NO. 2023-081 - TO RECOGNIZE OSCEOLA MUNICIPAL GOLF COURSE FY 2023 REVENUE
end
RECOMMENDATION:
recommendation
That City Council adopt supplemental budget resolution No. 2023-081:
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:
To ensure a balanced budget, additional revenue for fiscal year 2023 is needed to offset increased appropriations. The additional revenue will go into green fees and the budget for the expense will go to inventory for resale. Any remaining budget in inventory for resale could be carried over to help with additional inventory in FY 24.
Finance creates a manual journal and posts cost of goods sold based on the reports pulled from RecTrac (Inventory Software). As inventory is purchased the invoice is posted to the balance sheet account in fund 120 and the expense is posted to Osceola Golf’s budget as it is sold. Golf Pro Shop has sold inventory that was purchased in the current year and inventory that was purchased in the prior year.
PRIOR ACTION:
None
FUNDING:
N/A
FINANCIAL IMPACT:
Adoption of the supplemental budget resolution provides for a balanced budget for Fiscal Year 2023.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
10/2/2023
STAFF CONTACT:
Kerrith Fiddler, City Administrator
Amy Lovoy, Finance Director
Amy Miller, Deputy City Administrator
Tonya Byrd, Interim Parks & Recreation Director
ATTACHMENTS:
1) Supplemental Budget Resolution No. 2023-081
2) Supplemental Budget Explanation No. 2023-081
PRESENTATION: No end