LEGISLATIVE ACTION ITEM
SPONSOR: D.C. Reeves, Mayor
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 2022-115 - FY 2023 ENCUMBRANCE CARRYOVER BUDGET RESOLUTION
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RECOMMENDATION:
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That City Council adopt Supplemental Budget Resolution No. 2022-115.
A RESOLUTION AUTHORIZING AND MAKING REVISIONS AND APPROPRIATIONS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2023; PROVIDING FOR AN EFFECTIVE DATE.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
After the beginning of each fiscal year, a supplemental budget resolution is brought to the City Council for consideration. This resolution includes appropriations for the following:
• FY 2022 encumbered purchase order balances net of contract payable
Appropriations are carried forward to the new fiscal year for purchase orders issued by September 30, 2022, for which final payment had not been made. However, all work completed on outstanding purchase orders by September 30th is expensed to FY 2018 as contracts payable. Encumbrances carried forward to the new year are reduced by the amount expensed to contract payable in the previous fiscal year.
• Appropriation of fund balance
In most funds, fund balance is appropriated to cover encumbrances carried forward.
• Increase in estimated revenues
In some funds, mostly related to various grants, estimated revenues are increased to balance the encumbered purchase order balances net of contracts payable.
An additional resolution to carry forward FY 2022 funding for items that were not encumbered is being brought forward for City Council’s approval on a separate resolution.
PRIOR ACTION:
September 14, 2022 - City Council formally adopted a beginning FY 2023 Budget on Budget Resolution No. 2022-089
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.
CITY ATTORNEY REVIEW: Yes
12/1/2022
STAFF CONTACT:
Kerrith Fiddler, City Administrator
Amy Lovoy, Finance Director
ATTACHMENTS:
1) Supplemental Budget Resolution No, 2022-115
2) Supplemental Budget Explanation No. 2022-115
PRESENTATION: No end