Title
A Resolution Amending City FY2022 Budgets
Summary
A resolution prepared by the Finance Department to amend the budget for various accounts due to unexpected events that occurred during the year.
Body
WHEREAS, there is a need to make amendments to the budgets of various accounts within the General Fund.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama as follows:
SECTION 1: Approves an increase in the amount of $58,636 to account 100-9200-6998/Miscellaneous One Time expense for sales tax refunds from previous years.
SECTION 2: Approves an increase in the amount of $4,460 to account 100-1012-4710/Miscellaneous One Time Revenue for F941 tax refunds from previous years.
SECTION 3: Approves an increase in the amount of $95,800 to account 100-1012-4801/Sale-Industrial Park Land for the sale of land.
SECTION 4: Approves an increase in the amount of $1,000 to account 100-1012-4802/Sale-Railroad ROW for the unexpected sale of railroad right of way.
SECTION 5: Approves an increase of $11,569 to various departmental insurance expense accounts per the attached document to reflect increased costs
SECTION 6: Approves amending the budget for 100-2040-6025 ADNCR grant expense by an increase of $8,912 & 100-2040-4201 ADNCR grant revenue by an increase of $7,758 for a grant that was approved in FY2021 but not completed.
SECTION 7: Approves amending the budgets for the following accounts due to changes in accounting standards related to leases; increase of $4,230 to 100-1012-6030 GE Maintenance; increase of $3,042 to 100-1040-7000 Lease Financing Principal; increase of $170 to 100-1040-7010 Interest expense-lease; and increase of $127 to 100-1012-7000 Lease Financing Principal; an increase of $2,436 to 100-1012-7010 Interest expense-leases; increase of $30,001 to 100-3020-7000 Lease Financing Principal; increase of $1,349 to 100-3020-7010 Interest expense-lease; and an increase of $121,429 to 100-1012-5102 Lease-Right to use asset and 100-1012-4910 Lease Financing.
SECTION 8: Approves an increase to various police and fire department expense accounts totaling $105,205, as detailed in the attached document.
SECTION 9: Approves an increase to various public works, maintenance shop, streets and sanitation department expense accounts totaling $93,500, as detailed in the attached document
SECTION 10: Approves adopting the attached budget to reflects the City's acceptance of the assets and operations of Coastal Alabama Farmers and Fishermen's Market (CAFFM), as approved by Resolution 22-1113, that reflects a net increase in fund balance of $3,005,620 to the General Fund, primarily due to cash from the sale of the Peavey Building by CAFFM in November, 2021.
SECTION 11: This Resolution shall become effective immediately upon its adoption as required by law.