Ord 11-37
Ord 11-37
CITY COMMISSION REGULAR MTG
- Meeting Date:
- 06/21/2017
- Title:
- Consider approval of a request to amend the City of Texas City’s fiscal year 2016-17 budget.
- Submitted For:
- Laura Boyd
- Submitted By:
- Laura Boyd, Finance
- Department:
- Finance
Information
ACTION REQUEST (Brief Summary)
Consider approval of a request to amend the City of Texas City’s fiscal year 2016-2017 budget.
BACKGROUND
Under Ordinance 16-25, $3 million of the Texas City Dike Fund was committed for future dike road maintenance.
Upon review of this fund, the finance department is recommending these funds be de-committed. The monies will continue to be budgeted for use in dike road maintenance; however, the restrictive designation of "committed funds" is not necessary.
According to GASB-54, committed funds can only be de-committed by action of the governing body.
ANALYSIS
Budget amendment is as follows:
Texas City Dike Fund:
Committed Fund Balance $3,000,000
Unassigned Fund Balance ($3,000,000)
Texas City Dike Fund:
Committed Fund Balance $3,000,000
Unassigned Fund Balance ($3,000,000)