AGENDA CAPTION:
Title
Consider approval of Ordinance 2020-04, on the second of two readings, amending the City’s 2018-2019 Fiscal Year budget to allocate a total amount not to exceed $573,000 from excess revenues collected for sales taxes and Resource Recovery customer services to increase the General Fund budget $548,000 for economic development incentives and to increase the Resource Recovery Fund budget $25,000 for trash and recycling services; and providing an effective date.
Body
Meeting date: February 4, 2020
Department: Finance-Heather Hurlbert, Finance Director
Amount & Source of Funding
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Fiscal Note:
Prior Council Action:
City Council Strategic Initiative: [Please select from the dropdown menu below]
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Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
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☐ Parks, Public Spaces & Facilities - Funding and staffing to ensure quality public safety and community services
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Background Information:
As a part of end of year procedures, actual expense to budget variances by department and accounts are analyzed. Some of these variances are covered by savings from other line items within the department or with savings from another department. Some of the expense variances are directly related to a revenue component and require a budget amendment. For FY19 there are two budget line items that need to be amended.
The first is for the Best Buy economic development incentive. Revenues from the sales tax collections came in higher than budgeted and as a result the incentive owed to Best Buy was higher. The General Fund budget will be amended $548,000 from these excess revenues to increase the economic development incentives budget.
The second is for the trash and recycling service contracted services. Total customers served during FY19 was higher than budgeted and as a result there was higher revenue and higher cost of service. The Resource Recovery Fund budget will be amended $25,000 from these excess revenues to increase trash and recycling service contracted services budget.
This amendment and the departmental adjustments were presented to the Finance and Audit Committee on January 3, 2020. A complete analysis of budget savings and overages is included for reference.
Council Committee, Board/Commission Action:
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