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-...
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