LEGISLATIVE ACTION ITEM
SPONSOR: Grover C. Robinson, IV, Mayor
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 2022-064 - APPROPRIATION OF $25,000 FROM THE AVAILABLE UNASSIGNED FUND BALANCE FOR EXPERT ASSISTANCE WITH THE ELECTRIC UTILITY FRANCHISE AGREEMENT
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RECOMMENDATION:
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That City Council adopt Supplemental Budget Resolution No. 2022-064.
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:
On October 28, 2021 there was consensus among Council for the Mayor to hire a professional consultant for assistance with the franchise agreement with Florida Power & Light. This supplemental budget resolution appropriates $25,000 from the General Fund unassigned fund balance to hire a professional legal consultant to assist with the negotiation of the electric franchise agreement.
This resolution will decrease the unassigned fund balance for FY22 from $98,400 to $73,400.
PRIOR ACTION:
On October 28, 2021 there was an item brough to Council to hire a consultant to conduct a preliminary feasibility study for the acquisition of an electric utility. No action was taken on this item; however during this discussion there was a consensus among the Council members for the Mayor to hire expert consultant(s).
FUNDING:
Budget: $ 25,000.00 General Fund Unassigned Fund Balance
$ 25,000.00 Total
Actual: $ 25,000.00 Professional Services
$ 25,000.00 Total
FINANCIAL IMPACT:
Approval of the supplemental budget resolution will appropriate a portion of the General Fund unassigned fund balance to be used for hiring professional consultant(s) to assist with the negotiation of the electric utility franchise agreement. This Resolution if adopted will reduce the Unassigned Fund Balance of $98,400 by $25,000. Leaving it with a balance of $73,400.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
STAFF CONTACT:
Kerrith Fiddler, City Administrator
Amy Lovoy, Finance Director
ATTACHMENTS:
1) Supplemental Budget Resolution No. 2022-064
2) Supplemental Budget Explanation No. 2022-064
PRESENTATION: No end