Submitted By
Steven Drazner, Chief Financial Officer
Reviewed By
Agenda Item Title
Title
An Ordinance Amending the Fiscal Year 2019 Annual Budget
End
Overview
Overview
An ordinance is hereby presented to appropriate funds for FY19 which were not originally budgeted totaling $119,641 as well as reclassifying various budgeted amounts between or among accounts in the amount of $197,148. The reclassification amendments are not seeking new funding but rather, merely moving budgeted funds from one account or accounts to another account or accounts.
Body
Staff Recommendation
Approval.
Fiscal Impact
New money amendments are typically needed due to unforeseen costs which arise during the course of the year. One example of this might be when a change order is required. In most cases, these requests will either reduce a budgeted surplus or increase a budgeted deficit. The attached Q2, 2019 new money budget amendments total $119,641 for the following Funds:
General $50,000
Various health grants 29,641
Parking 40,000
The next type of budget amendment is a reclassification of funds between budgetary accounts and has no fiscal impact on the overall budget. These amendments merely reallocate money already within the approved budget among or between accounts. Total reallocated funds on the Ordinance total $197,148 but overall, all of these reclassifications combined net to zero.
The final type of amendment is a carryover from the previous year for unspent funds, often due to the timing of larger scale projects (capital improvements) and the payment of those invoices. There are no carryover amendments on the attached Ordinance.
Background
The annual budget which provides a ceiling on spending by account, department, and fund is approved each December for the subsequent fiscal year. While every effort is made during the budget process to project and forecast spending for the following ye...
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