Consider approval of a request to amend the fiscal year 2022-2023 budget.

A budget amendment is needed to transfer funds from the General Fund (fund 101) to the Capital Equipment Replacement Fund (fund 602).  These two funds work together for the purchase of capital equipment and machinery.  Each Fund 101 department needing capital equipment purchases that equipment through Fund 602 and then makes annual payments from their General Fund budget so that when the equipment needs to be replaced, funds are available for that purpose.  When the FY 22/23 Budget was adopted in September 2022, the General Fund departmental contributions to the Capital Equipment Replacement Fund were not included.  The General Fund unassigned fund balance is projected to be sufficient to afford the transfer between funds at this time.  The transfer amount is $2,000,000.00.

Funds will come from the General Fund's unassigned fund balance. 

The Finance Director recommends the following Budget Amendment:

General Fund-Fund 101
Transfer to Other Funds increase of  $2,000,000.00

Capital Equipment Replacement Fund-Fund 602
Transfer from General Fund increase of $2,000,000.00