TOTAL BUDGET AMENDMENT: $11,045,183

Includes:

1. Application of Unassigned Cash for additional funds for unbudgeted projects - $287,183
2. Additional expenses offset by proceeds of general long-term debt - $10,758,000
3. Transfer of funds between accounts with no impact on city-wide cash position - $290,000

This is the second budget amendment to the FY2015-2016 approved budget and has been scheduled for Council consideration at the March 1, 2016 meeting. Following is a summary of the budget amendment categories:

1. Application of Unassigned Cash for additional funds for unbudgeted projects: The proposed budget amendment includes requests not previously budgeted in the General Fund and 1% Fund totaling $287,183. The funding for these projects would come from unassigned cash established through prior year savings realized in other projects. The requests in this category impact the following funds:

- General Fund, $262,083 - Matching funds for the Country Club capital campaign.  This request was included in the FY2014-2015 budget and was inadvertently excluded from the carryover budget amendment in October, 2015.
- 1% Fund, $25,100 - Emergency request from Council of Community Services to pay past-due bills.

2. Additional expenses offset by proceeds of general long-term debt: This category includes the construction costs for the Gillette College Student Housing Phase II for $10,758,000.  This expense is offset by bond proceeds totaling $11,650,000.  The difference, $892,000, will be used to reimburse the General Fund for previously budgeted related expense resulting in a reduction in the application of unassigned cash.

3. Transfer of funds between accounts with no impact on city-wide cash position: This category provides expenditure authority for operating transfers between divisions or accounts that are necessary to create a positive cash position in the receiving division or account. The transfer included in this amendment transfers $290,000 from the PMS 2014/2015 schedules in the 1% Fund to different accounts within the 1% Fund to design street and water system improvements in preparation of forming a Local Improvement District in Interstate Industrial Park.

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.