Submitted By
Steven Drazner, Interim Chief Financial Officer
Reviewed By
LKS
Agenda Item Title
Title
An Ordinance Amending the Fiscal Year 2016 Annual Budget.
End
Overview
Overview
New appropriations are recommended when a reasonable operational need exists but was not contemplated in the original budget document. The attached Ordinance contains budgets modifications which call for new funding as well as offsetting budget transfers from original adopted appropriations.
Body
Staff Recommendation
Adopt the Ordinance
Fiscal Impact
The attached Ordinance recommends total budget amendments totaling approximately $7.8M in the following Funds: General, CDBG, Capital Building Improvements, Equipment Replacement Fund, Colt Westgate, CIP, Water, and Parking.
The largest individual requested amendment is for an additional appropriation of $4,355,257 in the Colt Westgate Fund to cover environmental remediation costs at the proposed Clark Street Development/Oak Park Station. A corresponding revenue source for this additional appropriation is to be determined. Please refer to attachments for further details.
Background
The proposed amendments relate to a variety of specific changes. Detailed pages for each item are attached.
Alternatives
Additional information will be provided upon request.
Previous Board Action
This is the first budget amendment for the 2016 budget.
Citizen Advisory Commission Action
N/A.
Anticipated Future Actions/Commitments
N/A.
Intergovernmental Cooperation Opportunities
N/A.
Performance Management (MAP) Alignment
N/A.