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TOTAL BUDGET AMENDMENT: $66,145,507
Includes:
1. Application of Unassigned Cash for carryover requests - $64,290,214
Included in this amount are numerous projects that have offsetting Grant Revenue: the Liebherr Waterline project ($564,400), the Madison Internal Rehab project ($459,306), the Sunflower Park Drainage and Fox Park/Arley Acres Drainage projects ($577,572), the Gillette Madison Pipeline project ($44,675,782) and the District Extensions project ($605,843).
2. Application of Unassigned Cash for projects partially funded by carryover and partially funded by additional funds - $531,000
3. Application of Unassigned Cash for additional funds for unbudgeted projects - $1,324,293
This is the first budget amendment to the FY2013/2014 approved budget and has been scheduled for Council consideration at the October 21, 2013 meeting. Following is a summary of the budget amendment categories:
1. Application of Unassigned Cash for carryover requests: As illustrated above, over 97% of the entire amendment relates to FY12/13 carryover items. Additionally, there is off-setting Grant Revenue totaling $46,882,903 for the five projects listed above. This category primarily represents projects approved in the FY12/13 budget that, for various reasons, were not completed by the City's June 30, 2013 fiscal year end. Since budgeted expenditure authority lapses at the end of the fiscal year, the funding needed to complete the projects needs to be re-appropriated in the FY13/14 budget. This represents the same process the City followed for the previous three years. Recognizing these costs through a budget amendment allows for a more accurate assessment of funds needed to complete the projects and adds value to annual budget appropriation comparisons.
2. Application of Unassigned Cash for projects partially funded by carryover and partially funded by additional funds: This category represents projects that were budgeted in the FY2012/2013 budget and, for various reasons, were not completed by fiscal year end. However, the difference between this category and the previous category is that these projects are requesting to carryover all unspent funds for the projects, and in addition, are requesting additional funds to complete the projects. The additional funds are coming from unspent funds from various other projects in the FY2012/2013 budget.
3. Application of cash for additional funds for unbudgeted projects: The proposed budget amendment includes requests for the Special Projects budget, the GIS budget, the 1% budget and the Power Fund budget not previously budgeted totaling $1,324,293. The funding for these projects would come from cash reserves established through prior year savings realized in other projects. The requests in this category include $962,107 for the City Hall HVAC project; $161,437 for the JP Land Board for the Central Pavilion Roof Project; $68,749 for the Joint Powers Boards for their final funding contributions; $70,000 for GIS for Aerial Photography; $8,000 for 1% to install flashing red signal beacons at Garner Lake Road/Boxelder Road; $40,000 for 1% for a Rail Spur Study (offset by a $40,000 Planning Grant); and $14,000 for the Power Fund for Substation Card Readers.
This budget amendment will result in the following Applications of Unassigned Cash:
General Fund: $4,611,839
1% Fund: $13,983,732
Water Fund: $257,725
Power Fund: $14,000
Sewer Fund: $133,207
Vehicle Replacement Fund: $194,100
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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