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1 <br />CITY COUNCIL <br />REGULAR MEETING STAFF REPORT <br />AGENDA ITEM 2E <br />STAFF ORIGINATOR: Hannah Lynch, Finance Director <br />MEETING DATE: December 11, 2023 <br />TOPIC: Amending the 2023 General Fund Budget <br />VOTE REQUIRED: 3/5 <br />______________________________________________________________________________ <br />BACKGROUND <br />Adopted budgets are amended over the course of the year for a variety of reasons. Factors that <br />lead to budget amendments include fiscal decisions made throughout the year, economic <br />conditions, and changes in budget projections. Staff has prepared a listing of proposed 2023 <br />General Fund budget amendments for conditions that are known today. Significant <br />amendments are outlined below. <br />On the revenue side, tax increment collections due to the decertification of TIF District 1-5 <br />along with favorable interest and unrealized gain on investments are driving the proposed <br />increase to the budget. <br />On the expenditure side, vacancies in various departments (Administration, Finance, <br />Community Development, Police, Fire, and Streets) contributed to a decrease in personnel <br />costs. Decrease in supplies and services are driven by the fire uniform budget ($26K being <br />committed for 2024), park trail repair and maintenance within contracted services, and the <br />contingency. The decreased expenditure budget was partially offset by more expenditures than <br />anticipated for attorney fees, maintaining and repairing fire apparatus within fleet contracted <br />services, and electricity and utilities in government buildings. <br />The proposed increase to the revenue budget of $155,580 combined with the proposed <br />decrease to the expenditure budget of $450,510 results in a budget surplus of $606,090. <br />RECOMMENDATION <br />Staff recommends approving Resolution No. 23-135. <br />ATTACHMENTS <br />Resolution No. 23-135 <br />365