LEGISLATIVE ACTION ITEM
SPONSOR: Grover C. Robinson, IV, Mayor
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 2021-105 - CONTRACTS PAYABLE
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RECOMMENDATION:
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That City Council adopt Supplemental Budget Resolution No. 2021-105.
A RESOLUTION AUTHORIZING AND MAKING REVISIONS AND APPROPRIATIONS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2022; PROVIDING FOR AN EFFECTIVE DATE.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
City Council adopted Supplemental Budget Resolution No. 2021-89 at the November 18, 2021 City Council Meeting, which carried forward encumbered purchase order balances. Historically, the Encumbrance Carryover Budget Resolutions have been net of contracts payable, representing work completed on outstanding purchase orders by September 30th expensed back to the prior fiscal year. Encumbrances carried forward to the new fiscal year are typically reduced by the amount expensed to contracts payable in the previous fiscal year. However, due to the timing of the November 2021 City Council meeting, the contracts payables were not available, and the full amount of the encumbered purchase order balances were carried forward on Supplemental Budget Resolution No. 2021-89.
Supplemental Budget Resolution No. 2021-105 will reduce the amounts carried forward by the amount expensed to contracts payable in the previous fiscal year.
A separate Supplemental Resolution will be brought before City Council to cover the unencumbered carryovers.
PRIOR ACTION:
September 15, 2021 - City Council formally adopted a beginning FY 2022 Budget on Budget Resolution No. 2021-71.
November 18, 2021 - City Council adopted Supplemental Budget Resolution No. 2021-89, covering purchase orders payable.
FUNDING:
N/A
FINANCIAL IMPACT:
All appropriations of City funds in the contracts payable budget resolution are offset by either a reduction of fund balance or a reduction in estimated revenues. Approval of the supplemental budget resolution provides for a balanced budget for Fiscal Year 2022.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
11/23/2021
STAFF CONTACT:
Kerrith Fiddler, City Administrator
Amy Miller, Deputy City Administrator, Administration & Enterprise
Amy Lovoy, Finance Director
ATTACHMENTS:
1) Supplemental Budget Resolution No. 2021-105
2) Supplemental Budget Explanation No. 2021-105
PRESENTATION: No end