LEGISLATIVE ACTION ITEM
SPONSOR: Ashton J. Hayward, III, Mayor
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 17-75 - FY 2018 ENCUMBRANCE CARRYOVER BUDGET RESOLUTION
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RECOMMENDATION:
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That City Council adopt Supplemental Budget Resolution No. 17-75.
A RESOLUTION AUTHORIZING AND MAKING REVISIONS AND APPROPRIATIONS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2018; 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 City Council for consideration. This resolution includes appropriations for the following:
• FY 2017 encumbered purchase order balances net of contracts payable
Appropriations are carried forward to the new fiscal year for purchase orders issued by September 30, 2017 for which final payment had not been made. However, all work completed on outstanding purchase orders by September 20th is expensed to FY 2017 as contracts payable. Encumbrances carried forward to the new fiscal year are reduced by the amount expensed to contracts 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.
A second resolution to carry forward FY 2017 funding for items that were not encumbered is being brought forward for City Councils approval on a separate resolution.
PRIOR ACTION:
September 20, 2017 - City Council formally adopted a beginning FY 2018 Budget
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 2018.
CITY ATTORNEY REVIEW: Yes
10/27/2017
STAFF CONTACT:
Eric W. Olson, City Administrator
Richard Barker, Jr., Chief Financial Officer
ATTACHMENTS:
1) Supplemental Budget Resolution No. 17-75
2) Supplemental Budget Explanation No. 17-75
PRESENTATION: No end