|
TOTAL BUDGET AMENDMENT: $133,614,877
Includes:
1. Carryover Requests funded by Application of Unassigned Cash and/or offsetting Grant Revenue- $130,751,120
Included in this amount are numerous projects that have offsetting grant revenue: the Fire Station #3 project ($1,208,879), the Gillette Youth Learning Center project ($752,861), the Safe Routes to Schools project ($193,226), the 3rd Street Plaza project ($447,539), the Potter Avenue Quiet Zone project ($190,513), the Gillette Madison Pipeline project ($96,946,283), the District Extensions project ($7,853,749) and carryover funding from the County and the YES House for construction of the Girls' Cottage ($69,989). This amount also includes $2,645,046 in approved loan funding from the State for the Southern Industrial Annexation project.
2. New/Additional Funding Requests funded by Application of Unassigned Cash and/or offsetting Grant Revenue - $2,863,757
Included in this amount are requests with offsetting Grant Revenue or Designated Funds: CCCPRD Grant for GPA filming ($11,000), additional funding for the Fire Station #3 project ($2,766,604), and Keep Gillette Beautiful events ($1,500 - Designated Funds).
This is the first budget amendment to the FY2015/2016 approved budget and has been scheduled for Council consideration at the October 20, 2015 meeting. Following is a summary of the budget amendment categories:
1. Carryover Requests funded by Application of Unassigned Cash and/or offsetting Grant Revenue: As illustrated above, 97.9% of the entire amendment relates to FY2014/2015 carryover items. Additionally, there is offsetting Grant/Loan Revenue or funding from other sources totaling $110,308,085 for the nine projects listed above. This category primarily represents projects approved in the FY2014/2015 budget that, for various reasons, were not completed by the City's June 30, 2015 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 FY2015/2016 budget. This represents the same process the City followed the previous five 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. New/Additional Funding Requests funded by Application of Unassigned Cash and/or offsetting Grant Revenue: The proposed budget amendment includes requests not previously budgeted for Special Projects, Police, 1%, and Vehicle Maintenance totaling $441,800. The funding for these projects will come from cash reserves established through prior year savings realized in other projects. The requests in this category include $200,000 for the first Student Housing debt service interest payment; $1,800 for chemical injections for euthanasia procedures; $130,000 for the City's 50% responsibility for the railroad portion of the Potter Avenue Quiet Zone project; and $110,000 for additional funds to purchase a new Compost Turner at the Wastewater Treatment Facility. This category also includes $11,000 for GPA to film CCSD events (offset by CCCPRD Grant); $2,766,604 for the Fire Station #3 project (offset by SLIB Consensus Funding); and $1,500 for a Keep Gillette Beautiful event (offset by Designated Funds). Additionally, this category includes budget adjustments for the Fire Board and Land Board totaling a reduction of $372,147 based on the County's final approved budget.
This budget amendment will result in the following Applications of Unassigned Cash:
General Fund: $2,680,175
1% Fund: $15,562,080
Utilities Admin Fund: $152,393
Water Fund: $120,000
Power Fund: $1,000,609
Sewer Fund: $27,930
Vehicle Replacement Fund: $982,002
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.
|