(10)(c)
CITY COMMISSION REGULAR MTG
- Meeting Date:
- 08/03/2022
- Title:
- Amend the fiscal year 2021/2022 budget
- Submitted For:
- Laura Boyd
- Submitted By:
- Laura Boyd, Finance
- Department:
- Finance
Information
ACTION REQUEST
Consider approval of a request to amend the fiscal year 2021-2022 budget to appropriate funds for increases in salaries and related benefits as a result of compensation and classification study.
BACKGROUND (Brief Summary)
In July 2021, City Commission awarded a contract to Evergreen Solutions, LLC under Resolution No. 21-048 to perform a Compensation and Classification Study.
Most of the project is complete. The compensation reviews, surveys, and analysis resulted in necessary adjustments to some employees' pay and job titles. The monetary adjustments for the last quarter of the fiscal year, July through September total approximately $300,000.
A budget amendment is required to account for this increase. Approximately, 70% of the increase pertains to General Fund employees and 30% pertains to Utility Fund employees.
Most of the project is complete. The compensation reviews, surveys, and analysis resulted in necessary adjustments to some employees' pay and job titles. The monetary adjustments for the last quarter of the fiscal year, July through September total approximately $300,000.
A budget amendment is required to account for this increase. Approximately, 70% of the increase pertains to General Fund employees and 30% pertains to Utility Fund employees.
RECOMMENDATION
Budget Amendment:
General Fund (101) Multiple departments:
Salaries and benefits $210,000.00
Unassigned fund balance ($210,000.00)
Utility Fund (501) Multiple departments:
Salaries and benefits $90,000.00
Unrestricted retained earnings ($90,000.00)
General Fund (101) Multiple departments:
Salaries and benefits $210,000.00
Unassigned fund balance ($210,000.00)
Utility Fund (501) Multiple departments:
Salaries and benefits $90,000.00
Unrestricted retained earnings ($90,000.00)