Title
A Resolution Amending City FY2024 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 make amendments to the budgets of various City Funds.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama as follows:
SECTION 1: Increase in the amount of $50,000 to account 100-1012-4800 Sale of Land & Equipment as a result of proceeds from a large auction.
SECTION 2: Increase in the amount of $7,550 to account 100-1012-4802 Sale of Railroad ROW
SECTION 3: Increase in the amount of $317,492 to account 100-9200-4100 and $144,859 to account 100-9200-4703 Insurance settlements-Hurricane Sally.
SECTION 4: Increase in the amount of $1,830 to account 100-1012-6105 Audit Expense for an increase in the cost of the annual audit.
SECTION 5: Amends the budgets for departmental insurance expense based on the actual invoice received per the attached document.
SECTION 6: Amends the budget for the following accounts related to project user fees and economic development grant: Account 100-1012-4812 in the amount of $1,350,000; account 100-1012-4835 in the amount of $1,500; account 100-6010-6211 in the amount of $2,700,000; account 100-6010-6212 in the amount of $1,500; account 100-6010-6200 in the amount of $1,500,000; and account 100-8000-8006 in the amount of $13,321.
SECTION 7: Amends the budgets for the two land purchases as follows: 400-1010-5160 in the amount of $67,732 and account 400-1010-5106 in the amount of $335,000.
SECTION 8: Approve the write off of old miscellaneous receivables in the total amount of $186.33 as listed in the attached document.
SECTION 9: This Resolution shall become effective immediately upon its adoption as required by law.