LEGISLATIVE ACTION ITEM
SPONSOR: Grover C. Robinson, IV, Mayor
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 2021-85 - REALLOCATION OF LOST IV PROJECTS
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RECOMMENDATION:
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That City Council adopt Supplemental Budget Resolution No. 2020-85.
A RESOLUTION AUTHORIZING AND MAKING REVISIONS AND APPROPRIATIONS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2021; PROVIDING FOR AN EFFECTIVE DATE.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
At the Tentative Public Hearing on the Fiscal Year 2022 Budget, City Council expressed a desire to reallocate funding within the Local Option Sales Tax Series IV (LOST IV) Plan. This supplemental budget resolution will address the reallocations as discussed and will appropriate the funding per City Council’s direction.
The reallocation of LOST IV appropriations are covered by increases or decreases in various projects in FY 2021. A revised LOST IV list is attached to provide the results of the reallocations.
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. By bringing this resolution to the Council for FY 2021, the appropriate project balances will be carried forward according to the reallocation of projects on the Unencumbered Carryover Resolution in December.
PRIOR ACTION:
September 23, 2020 - City Council formally adopted a beginning FY 2021 Budget on Budget Resolution No. 2020-43
November 12, 2020 - City Council adopted Supplemental Budget Resolution No. 2020-56, covering purchase orders payable.
December 10, 2020 - City Council adopted Supplemental Budget Resolution No. 2020-59, covering unencumbered carryovers.
FUNDING:
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FINANCIAL IMPACT:
All appropriations of LOST IV funds in the supplemental budget resolution are covered by shifts in expenditure line items. Approval of the supplemental budget resolution will reallocate according to the desire of the City Council.
CITY ATTORNEY REVIEW: Yes
9/29/2020
STAFF CONTACT:
Kerrith Fiddler, City Administrator
Amy Lovoy, Finance Director
ATTACHMENTS:
1) Supplemental Budget Resolution No. 2021-85
2) Supplemental Budget Explanation No. 2021-85
3) Revised LOST IV Project List
PRESENTATION: No end