Title
A Resolution Amending FY2023 City Budgets
Summary
A resolution has been prepared by the Financial Services Division to amend various accounts due to unexpected transactions or events, adjustments for prior year carryovers, or to initiate transfers between departments/categories.
Body
WHEREAS, there is a need to make amendments to the budgets of various City Funds due to unexpected events, prior year carryovers, or transfers between departments or categories.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Foley, Alabama, that the following budget amendments are approved:
SECTION 1: Increase in the amount of $39,460 to account 100-9200-6998 Miscellaneous One Time expense for sales tax refunds from previous years.
SECTION 2: Increase in the amount of $484,702 to account 100-9200-4703 Insurance proceeds Hurricane Sally and $200,000 to account 100-9200-6996 Hurricane Sally Expense for miscellaneous projects expected to be completed this year.
SECTION 3: Increase in the amount of $200,000 to account 100-1012-4801 Sale-Industrial Park Land for the sale of land.
SECTION 4: Increase in the amount of $3,000 to account 100-1012-6105 Audit Expense for an increase in the cost of the annual audit.
SECTION 5: Increases/decreases to departmental insurance expense accounts totaling $109,884 based on the actual invoice received per the attached document.
SECTION 6: Decrease of $52,439 to account 100-1014-4613 Moe's Lease/Ins/Cam and $53,820 to account 100-1014-4612 Foreland Lease/Ins/Cam due to the sale of the building on September 28, 2022 (prior fiscal year).
SECTION 7: Increases/decreases the budget for the following accounts due to changes in accounting standards related to leases; increase of $2,657 to 100-2010-7000 Lease financing principal, increase of $2,743 to 100-2010-7010 Interest expense, decrease of $5,400 to 100-2010-6112 Tower Lease, increase of $2,657 to 100-2020-7000 Lease financing principal, increase of $2,743 to 100-2020-7010 Interest expense, and a decrease of $5,400 to 100-2020-6112 Tower Lease
SECTION 8: Increase the budget for the following accounts as a result of the issuance of the 2022 & 2023 GO bond:
• Increase of $842,582 to account #’s 100-8100-8013 Transfer to United Bank-USDA Re-Lending Program & 308-1012-4810 Transfer from General Fund USDA Re-Lending Program
• Increase of $8,000,000 to account # 308-1012-4911 Bond Proceeds 2022 & $10,000,000 to account # 308-1012-4912 Bond Proceeds 2023
• Increase of $49,500 to account # 308-7000-7012 Cost of Issuance
• Increase of $5,000 to account #’s 308-1012-4600 Interest Income
• Increase of $201,176 to account # 308-7000-7000 Principal expense and $231,194 to account 308-7000-7010 Interest Expense for the 2022 GO
• Increase of $207,481 to account # 308-7000-7001 Principal expense and $193,731 to account 308-7000-7011 Interest Expense for the 2023 GO
SECTION 9: Increase in the amount of $122,319 to account 100-1012-4714 Opioid Settlement for unbudgeted settlement proceeds received.
SECTION 10: The transfer of budget and the corresponding economic development-type y-t-d expenses from general government department to economic development department for the following:
• Increase of $50,000 to account # 100-6010-6186 Economic Development expense and decrease of $50,000 to 100-1011-6020 Consulting/Professional Fees for the Retail Strategies Contract
• Increase of $24,000 to account # 100-6010-6186 Economic Development expense and decrease of $24,000 to 100-1011-6020 Consulting/Professional Fees for the Chamber's Economic Development Contract
• Increase of $10,000 to account # 100-6010-6186 Economic Development expense and decrease of $10,000 to 100-1011-6020 Consulting/Professional Fees for the Baldwin County Economic Dev Alliance Contract
SECTION 11: Increase in the amount of $4,318 to account 100-3020-6011 Pedestrian Bridge Maintenance for repairs budgeted in fiscal year 2022 that were not completed; increase of $5,060 to account 100-3020-6011 Pedestrian Bridge Maintenance to complete repairs caused by storm damage for which insurance proceeds ($5,060 less $1,000 deductible) were received in fiscal year 2022 (September).
SECTION 12: Increase in the amount $1,000 to account 100-1011-6032 Vehicle Maintenance-Admin for windshield molding and front door entry pad replacement as listed in the attached quote from Freeman Collision, and an increase of $15,000 to 100-1011-6020 Consulting/Professional-Admin for various land sale expense and other miscellaneous professional fees anticipated this fiscal year
SECTION 13: This Resolution shall become effective immediately upon its adoption as required by law.