Title
A Resolution Amending City FY2021 Budgets
Summary
A resolution prepared by the Finance Department to amend various operation accounts and transfer accounts for unexpected events that occurred during the year.
Body
WHEREAS, there is a need to make amendments to the budgets of various City Funds, and
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama as follows:
SECTION 1: Increase in the amount of $27,065 to account 100-9200-6998 Miscellaneous One Time expense for sales tax refunds from previous years.
SECTION 2: Increase in the amount of $1,282,024 to account 100-9200-4100 FEMA Sally, $264,717 to account 100-9200-4200 State Sally and $53,379 to account 100-9200-4703 Insurance Proceeds Sally for unbudgeted revenue received.
SECTION 3: Increase to the following transfer accounts and corresponding economic development grants:
• Increase of $35,000 to account #’s 100-1012-4815 & 100-6010-6202
• Increase of $7,000 to account #’s 100-1012-4813 & 100-6010-6203
• Increase of $13,000 to account #’s 100-1012-4814 & 100-6010-6204
• Increase of $117,000 to account #’s 100-1012-4817 & 100-6010-6206
• Increase of $18,000 to account #’s 100-1012-4826 & 100-6010-6209
• Increase of $61,000 to account #’s 100-1012-4819 & 100-6010-6208
SECTION 4: Amends the budget for the following accounts as a result of the issuance of the 2021B GO bond refunds:
• Increase of $130,333 to account #’s 100-8100-8012 Transfer to 2021-B GO & 307-1012-4811 Transfer from General Fund 2021-B
• Increase of $22,855,000 to account # 307-1012-4911 Bond Proceeds 2021B
• Increase of $121,354 to account # 307-1012-4913 Bond Premiums 2021-B
• Increase of $182,840 to account # 307-7000-7022 Underwriters Discount 2021-B
• Increase of $87,997 to account # 307-7000-7023 Cost of Issue 2021-B
• Increase of $9,190,308 to account #’s 307-8100-8001 Transfer to 2014 GO Refi & 304-1012-4813 Transfer from 2021-B GO Refi
• Increase of $9,268,002 to account # 304-7000-7023 OFS-Payment to refunded escrow.
• Increase of $13,600,584 to account # 307-8100-8002 Transfer to PASFCD-Refi 2021-B.
• Increase of $52,905 to account # 307-1012-4813 Transfer from PASFCD-Refi 2021-B.
• Increase of $38,916 to account #’s 307-1012-4812 Transfer from 2014 GO-Refi 2021-B and 304-8000-8003 Transfer to 2021-B GO-Refi.
SECTION 5: Amends the budget Increase to the following accounts for the Engineering Department:
• Increase of $5,000 to account # 203-3020-6196
• Increase of $600 to account # 100-3020
SECTION 6: Approves budget adjustments to FY21 personnel accounts as reflected on the attached FY21 Budget Adjustments document.
SECTION 7: Approves the closure of the City’s self-insured savings reserve cash account (The First Insurance Reserve) and the balance will be added as a line item in the Minimum Fund Balance Reserve in the General Fund.
SECTION 8: This Resolution shall become effective immediately upon its adoption as required by law.