Title
A Resolution Amending the FY2018 Budget and Updating the Capital Project Fund Planning Document
Summary
Description of Topic: (who, what, where, when, why and how much)
Mike Thompson/Sue Steigerwald:
A resolution to:
(1) amend sales tax budget by a decrease of $536,500 and lodging tax by a decrease of $100,000 to reflect shortfalls October through February per attachment. March and April are on track.
(2) move $128,889 from economic development department to fire department to cover additional payroll costs primarily related to unexpected paid leaves of absence per attachment.
(3) adjust transfers from General Fund to Capital Project Fund accounts $832,100 to reflect closed projects, updated timeline of 9th Avenue extension, infrastructure near Woerner property and the repurchase of certain land, deferral of certain projects, and other activity (per attached revised plan).
(4) adjust two capital projects that came in over the budgeted amounts (E Pride Blvd $396 and Event Center landscaping $2,880 per attached revised plan).
(5) approve a revised Capital Projects Fund Planning Document for FY18 with changes to future year plans to be addressed during the FY19 annual budgeting process (revised plan attached).
(6) adjust the budget cost for principal and interest expense in the GO 2014, which is a housekeeping item with no effect to the general fund or transfer accounts
(7) amends transfer to PASFCD Operations and PCEFCD Operations due to increased legal fees related to arbitration & mitigation.
Budgetary Impact: **Not budgeted, the detail of the adjustments are shown in an attachment
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.
____ Not budgeted requiring increase to account #___________ in the amount of $____________.
Capital - Departmental
____ Budgeted under account #______________ for $___________ and described in budget as __________________________________.
Additional amount needed, if any: Increase in budget of $_____________ OR, transfer of $___________ from Account #____________ to Account #_______________
____ Not Budgeted - account #____________ requires budget increase of $_____________.
Capital Project - **THE PRE-PROJECT CHECKLIST AND BUDGET CHECKLIST MUST BE ATTACHED TO THIS FILE**
In current year Capital Projects Plan:
_____ Yes, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________
Body
WHEREAS, the FY18 General Fund budget requires amending to reflect a reduction in the sales and lodging tax budget based on actual results, and
WHEREAS, the Fire department is in need of budget dollars to cover the unexpected labor cost due to paid leaves of absence and the Economic Development Dept has unused budgeted dollars that can be transferred, and
WHEREAS, adjust transfers from the General Fund to the Capital Projects Fund for projects that have been completed or require adjustment, to reflect immediate need to step up the timeline of certain projects and defer others, resulting in a net increase in transfer between funds of $832,100, and
WHEREAS, adjustment the budgets for two capital projects accounts that exceed the budgeted amounts, and
WHEREAS, adopt a revsied FY18 Capital Improvement Planning document based on the changes previously stated, and review future plans during the FY19 budget process, and
WHEREAS, correct the principal and interest accounts in the 2014 GO warrant fund with no affect to that funds transfer account or the General Fund, and
WHEREAS, amend transfers to PASFCD Operations and PCEFCD Operations due to increased legal fees related to arbitration & mitigation.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Amends revenue account 100-1014-4030 by a reduction of $536,500 and revenue account 100-1014-4031 by reduction of $100,000.
SECTION 2: Transfers $128,889 from various economic development accounts to various fire department personnel accounts as shown in an attachment.
SECTION 3: Approves budgetary action for closed projects and other adjustments to various Capital Project Fund accounts resulting in an overall increase in transfers of $832,100 as shown in an attachment, and amends transfer account #s 100-8000-8020 & 400-1012-4810, accordingly.
SECTION 4: Amends the following capital projects accounts that went over budget, account # 400-3020-5125 by an increase of $396, account # 400-5041-5100 by an increase of $2,880.
SECTION 5: Approves the attached revised Capital Projects Fund Planning Document for FY18 with the future year plans to be addressed during the annual budgeting process.
SECTION 6: Amends account No. 304-7000-7000 Principal account with an increase of $655,000 and account no. 304-7000-7010 Interest account with an increase of $392,479.
SECTION 7: Approves an increase in the transfer to the PASFCD & PCEFCD Operations accounts by an increase in the amount of $125,000 to 100-8000-8009 & $50,000 to 100-8000-8011.
SECTION 8: This Resolution shall become effective immediately upon its adoption as required by law.