Title
A Resolution Amending City FY2026 Budgets
Summary
A Resolution prepared by the Finance Department to amend various operation accounts for uncontrollable events that occurred during the year and add budget to the general ledger accounts related to the recent bond issuance.
Body
WHEREAS, there is a need to make amendments to the budgets of various City Funds.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama as follows:
SECTION 1: Increase in the following concession accounts; 100-5100-4409 Recreation Concession Sales in the amount of $42,400, 100-5100-4410 Sports Tourism Concession Sales in the amount of $67,400, 100-5100-6174 Concession Expense in the amount of $15,000, and 100-5100-6042 Dues & Fees in the amount of $9,700.
SECTION 2: Increase the public safety accounts as a result of late billing from the vendor; 100-2000-7000 Lease principal in the amount of $17,200 and 100-2000-7010 Lease Interest in the amount of $15,200.
SECTION 3: Increase in the following miscellaneous one time accounts; 100-9200-6998 Misc. one-time expense accounts in the amount of $6,055, 100-1012-4710 Misc. one time revenue in the amount of $9,620, and 100-9200-4703 Insurance settlement-Sally in the amount of $120,125
SECTION 4: Amends the budgets for these lease accounts as a result of late billing from the lessor; increase 100-2000-7000 Lease financing principal by the amount of $17,200 and 100-2000-7010 Lease interest expense by the amount of $15,200.
SECTION 5: Amends the budget for the following accounts related to concession sales and proceeds; 100-5100-4409 Recreation Concession Sales in the amount of $42,400, 100-5100-4410 Sports Tourism Concession Sales in the amount of $67,400, and 100-5100-6174 Concession Expense in the amount of $15,000.
SECTION 6: Approve the write off of old receivables in the total amount of $579.28 as listed in the attached document.
SECTION 7: Approve opening a new investment bank account at Renasant Bank to capitalize on a favorable interest rate.
SECTION 8: Amends the budget for the following accounts related to the bond issuance; 309-1012-4912 Bond Proceeds in the amount of $32,890,000, 309-1012-4913 Bond Premium in the amount of $1,162,305, 309-7000-7020 Underwriters Discount in the amount of $230,230, 309-7000-7021 Cost of Issuance in the amount of $107,300, and 309-7000-7022 Original Issue Discount in the amount of $211,167.
SECTION 9: Amends the budgets for multiple personnel accounts from the attached document.
SECTION 10: Amend the budget for account 100-1023-6000 Utilities-Admin Anex in the amount of $5,000 to account for utilities in the Administrative Anex building
SECTION 11: This Resolution shall become effective immediately upon its adoption as required by law.