LEGISLATIVE ACTION ITEM
SPONSOR: Ashton J. Hayward, III, Mayor
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 18-49 - FINAL AMENDMENT TO THE FISCAL YEAR 2018 BUDGET
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RECOMMENDATION:
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That City Council adopt Supplemental Budget Resolution No. 18-49.
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:
In order to maintain a balanced budget, supplemental budget resolutions need to be approved by City Council during the course of a fiscal year. In September 2018 City Council approved a supplemental budget resolution, however at that time the final revenues and expenditures were unknown. According to Florida Statute 166.241 the governing body of a municipality may, within up to 60 days following the end of the fiscal year, amend a budget for that year. The attached resolution includes final budget adjustments for Fiscal Year 2018 that require Council action.
General Fund related budget adjustments include increases and decreases in estimated revenue from various sources which results in a net increase in estimated revenue of $339,152.
The increase in Other Grants and Aids within the Saenger Theatre is due to the greater than anticipated Facility Fee and Incentive Fee revenue. The transfer to the Stormwater Capital Projects Fund was increased as a result of increased revenues within the Stormwater Utility Fund.
The City’s current Financial Planning and Administration Policy provides that each fiscal year the General Fund’s maximum amount of appropriated Beginning Fund Balance should be no more than three percent of budgeted revenues. Based on the FY 2019 Beginning Budget that amount would equate to $1,610,800. This amount is being established as an Assigned Fund Balance as of FYE 2018, however, no expenditure of those funds will occur until appropriated by City Council. By assigning fund balance, the amount available for additional carryover will be more readily identifiable in the Unassigned Fund Balance designation.
Revenues within the Tree Planting Trust Fund have been adjusted in accordance with actual revenues received and will be offset with Fund Balance.
Revenues within the Housing Initiatives Fund have been adjusted in accordance with actual revenues received and will be offset with a decrease in Operating Expenses.
Appropriations within the Inner-City Housing Initiatives Fund have been reduced and will be placed into fund Balance.
Within the Special Grants Fund, appropriations have been made to recognize grant revenues and expenditures that have occurred since the September 2018 Supplemental Budget Resolution was adopted by City Council. Additionally, on September 14, 2017 City Council approved the FY 2018 Edward Byrne Memorial Justice Grant Agreement in the amount of $62,000. However, the final award amount totaled $69,302 and the additional revenue and expenditures have been included in this resolution.
The transfer from the Local Option Gasoline Tax Fund to the LOGT Debt Service Fund will not be made as there are sufficient funds in the LOGT Debt Service Fund to meet the debt service requirements.
Adjustments have been made to various revenue accounts within the three CRA Funds based on the actual amounts received.
Within the Stormwater Utility Fee Fund revenues have been adjusted based on actual revenues received. Appropriations are being increased based on projected operating expenditures by fiscal year end. Savings from the purchase of a dump truck allowed for the reduction of Capital Outlay to offset the increase.
Net revenue of $19 has been appropriated within the Law Enforcement Trust Fund based on receipts and will be placed into Fund Balance.
Revenues within both the Golf Fund and Recreation Fund were lower than anticipated and will be offset with a drawdown of Fund Balance.
The revenues within the Inspection Services Fund have been more than anticipated and will be offset with an increase in appropriations for operating expenses.
Estimated revenues within both the Roger Scott Tennis Center Fund and the Community Maritime Services Fund have been increased based on Fiscal Year 2018 actual revenues and will be placed in Fund Balance.
Interest Income was more than anticipated in the CRA Debt Service Fund and the LOGT Debt Service Fund. The increase will be placed into Fund Balance.
Local Option Sales Tax is projected to generate revenue above the current estimated revenue by $60,304 which will be placed into Fund Balance. Additionally, with the issuance of the $25 million bond for LOST IV projects, excess appropriations have been reduced in the Local Option Sales Tax Fund and will also be placed into Fund Balance.
Interest Income in the LOGT Series 2016 Project Fund has been recognized and is offset by an increase in appropriations for Capital Outlay. Additionally, within the CRA Series 2017 Project Fund, the Interest Income recognized has been placed into Fund Balance. This fund will be closed as of FYE 2018.
Interest Income in the CRA Series 2017 Project Fund has been recognized and has been placed in Fund Balance.
Interest Income in the LOST Series 2017 Project Fund has been recognized and has been placed into Fund Balance. As with the Local Option Sales Tax Fund, excess appropriations from the issuance of the $25 million bond have been reduced and will be placed into Fund Balance.
Interest Income in the Deepwater Horizon Incident Fund has been recognized and is offset by an increase in appropriations. This fund will be closed as of FYE 2018.
Estimated revenues within the Stormwater Capital Projects fund were increased for Interest Income and the Transfer In From the General Fund. Appropriations have been increased in Stormwater Vaults City-Wide to offset the increased revenue.
Within the Gas Utility Fund revenues and expenses have been adjusted based on actual amounts received.
Revenues in the Port Fund have been adjusted based on actual amounts received and is offset with a drawdown of Fund Balance.
Revenues within the Sanitation Fund and Airport Fund were greater than anticipated and have been adjusted based on actual revenues received. The excess amount will be placed into Fund Balance.
Estimated revenues within the Special Assessments Fund have been decreased based on Fiscal Year 2018 actual revenues and are offset with a reduction in appropriations.
PRIOR ACTION:
September 20, 2017 - City Council formally adopted a beginning FY 2018 Budget on Budget Resolution No. 17-63.
November 9, 2017 - City Council approved Supplemental Budget Resolution No. 17-75 covering purchase orders payable.
November 9, 2017 - City Council approved Supplemental Budget Resolution No. 17-76 covering unencumbered carryovers.
December 14, 2017 - City Council approved Supplemental Budget Resolution No. 17-84 covering unencumbered carryovers.
September 13, 2018 - City Council approved Supplemental Budget Resolution No. 18-42 adjusting the FY 2018 Budget.
FUNDING:
N/A
FINANCIAL IMPACT:
All appropriations of City funds in the supplemental budget resolution are covered by fund balances, shifts in expenses or changes in revenues. Approval of the supplemental budget resolution provides for a balanced budget for Fiscal Year 2018.
CITY ATTORNEY REVIEW: Yes
10/26/2018
STAFF CONTACT:
Keith Wilkins, City Administrator
Richard Barker, Jr., Chief Financial Officer
ATTACHMENTS:
1) Supplemental Budget Resolution No. 18-49
2) Supplemental Budget Explanation No. 18-49
PRESENTATION: No end