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 amend the budgets of various Departmental and Debt Service accounts within certain City Funds.
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 $105,093 to account 100-9200-6998 Miscellaneous One Time expense for sales tax refunds from prior years.
SECTION 2: Approves an increase in the amount of $136,752 to account 100-1012-4800 Sale-Land & Equipment for the sale of various equipment.
SECTION 3: Approves an increase in the amount of $8,300 to account 100-1012-4802 Sale-Railroad ROW for the unexpected sale of railroad right of way property.
SECTION 4: Approves amendments to the budget for the following accounts as a result of the issuance of the 2021A GO bond refunds, Increase of $163,793 to account #’s 100-8100-8011 Transfer to 2021-A GO & 307-1012-4810 Transfer from General Fund, increase of $10,080,000 to account # 307-1012-4912 Bond Proceeds, increase of $80,640 to account # 307-7000-7020 Underwriters Discount, increase of $65,675 to account # 307-7000-7021 Cost of Issue, increase of $9,931,421 to account #’s 307-8100-8000 Transfer to PCEFCD Refi & 283-1012-4613 Transfer from 2021A GO Refi and increase of $10,054,705 to account # 283-7000-7023 OFS-Payment to refunded escrow.
SECTION 5: Approves amendments to budgets for departmental insurance expense based on the actual invoice received per the attached document that is attached to and made part of this resolution.
SECTION 6: Approves amendments to the budget for the following Sanitation Department accounts: Increase of $40,000 to account #100-4010-6032 vehicle maintenance due to unforeseen breakdowns of garbage trucks; increase of $25,000 to account #100-4010-6166 landfill charges due to unbudgeted growth; an increase of $122,000 to account # 100-4010-4410 Dumpster Service Revenue and 100-4010-6164 Commercial Waste Removal expense to correct under budgeted accounts.
SECTION 7: Approves amending the budget to reflect the American Rescue Plan COVID-19 Funds received during the year and increases that revenue account (100-9200-4301) by $1,467,290.
SECTION 8: Approves the purchase of a replacement police Tahoe that was damaged in Hurricane Sally and the budget transfer of $32,295 from account 100-2010-5100 Police Capital Purchases to 100-9200-5100 Hurricane Sally Capital Purchases. This replacement was approved by Resolution #20-1325.
SECTION 9: This Resolution shall become effective immediately upon its adoption as required by law.