Title
Amending the Budget for Sports Tourism Field Sponsorships
Summary
Description of Topic: (who, what, where, when, why and how much)
Don Staley/Sue Steigerwald: Some of the current year Annual Sponsorship revenue for the multi-use fields (excluding the Championship Field) was received in the prior fiscal year and the FY17 budget needs to be adjusted upward to reflect the total anticipated revenue. In addition, an expense account needs to be added so the cost of the signs can be recorded.
This action will increase sponsorship revenue (01-5086) by $44,500 and increase Sports Tourism departmental expense (new account #01-628-8072) by $29,500. The net effect to the FY17 General Fund Budget is positive $15,000.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.
__x__ Not budgeted requiring increase to account #01-5086 in the amount of $44,500, and increase to account #01-628-8072 in the amount of $29,500. (Net positive $15,000)
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, Foley Sports Tourism currently anticipates $59,500 in fields sponsorship this fiscal year which is $44,500 more than is currently budgeted, and
WHEREAS, an expense account for recording the cost of the signs needs to be added and $29,500 budgeted to record the anticipated cost of purchasing and installing the signs.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Approves increasing revenue account 01-5086/Field Sponsorships by $44,500.
SECTION 2: Approves adding account 01-628-8072/Field Sponsorship Expense and appropriates $29,500 for sign and installation costs.
SECTION 3: Recognizes a positive overall increase to the General Fund budget of $15,000.
SECTION 4: This Resolution shall become effective immediately upon its adoption as required by law.