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TOTAL BUDGET AMENDED EXPENSE: $2,732,539
Includes:
1) Additional expense offset by new revenues: $942,330
2) Application of unassigned cash: $1,790,209
3) Transfers between Divisions/Funds with no impact on city-wide cash position: $703,585
This is the third and final budget amendment to the FY2012-2013 approved budget and has been scheduled for Council consideration at the June 17, 2013 meeting. Following is a summary of the budget amendment categories:
1) Additional expenses offset by new revenues: This category provides expenditure authority for grant related costs totaling $170,743 as well as $15,000 for GPA filming expenses; $8,000 for Mayor's Art Council sponsorships; $20,000 for prisoner care to the CC Sheriff's Office; and $30,587 for property damage expenses, all of which also have offsetting revenues. Also included is an operating transfer out of the Madison Fund in the amount of $698,000, which is then reflected as a transfer in to the Power Fund to cover the cost of the Madison Substation.
2. Application of unassigned cash: This category provides additional funding for unbudgeted/under budgeted expenses related to: Special Events Committee costs - $460; unanticipated failures to two water wells (Madison #3 and Soft #26) - $211,000; unanticipated capital costs at the WyGen III power plant - $640,000; and an increase to under-budgeted Capital Lease Interest related to the WyGen III purchase.
3) Transfers between funds with no impact on city-wide cash position: This category provides expenditure authority for operating transfers between funds that are necessary to create a positive cash position in the receiving fund. The only transfer included in this amendment is a transfer from the Madison Fund to the Power Fund of $698,000.
This amendment also includes authorization to move line item budget amounts between Divisions having no net effect on the overall budget.
The Budget Amendment will result in the following applications of unassigned cash:
Water Fund: $211,000
Power Fund: $1,578,749
A detailed itemization of the budget amendment requests is attached. All requests included for your consideration have been reviewed and recommended for approval by the Finance Department and Administration.
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