Regular 2.
Regular City Council Meeting
- Meeting Date:
- 04/09/2012
- TITLE
- Public Hearing and Approval of Resolution Approving and Adopting Third Quarter Budget Amendment for Fiscal Year 2011/2012
- PRESENTED BY:
- Patrick M Weber
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
Third Quarter Budget amendments for Fiscal year 2011/2012 are requested for the following:
The Airport is requesting a budget amendment for ancillary construction and equipment costs allowed by the Series 2010B Bond document and related agreements. Remaining bond proceeds are available for the purchase of a skid steer with snow removal attachments ($36,640), sand/oil separator mud extractor ($25,060), electrical submetering ($8,500), and miscellaneous small equipment and supplies ($15,000).
Property insurance premiums for FY12 increased at a rate greater than the anticipated increase due to a change in property valuations. Insurance Fund reserves will be used and future charges for services to the attributable funds will be increased to replenish the reserves.
The Parking Fund entered into a contract with McKinstry to make building improvements as a result of the energy performance report released in FY11. Lease financing was approved by Council and the debt payments will be paid for with energy savings.
In FY11, City Council approved a plan to perform a South Billings Boulevard Urban Renewal District Master Plan. This project wasn't identified when the City adopted its FY 12 budget. The total cost of the contract is approximately $275,000. Tax increment receipts will be used to pay for this plan.
The costs of development incentives to First Interstate Bank for its 6th Avenue North operations center were greater than originally budgeted. These incentives are prescribed by a contract and are dependent upon the increase in tax increment for the East Billings Urban Renewal Area. The increase in the tax increment for the district was greater than anticipated; therefore the incentive was greater as well.
City Council approved the purchase of toughbook computers and in-car cameras on February 13, 2012. Both equipment purchases were anticipated to occur sometime during this fiscal year but the amount was unknown when the FY 12 budget was developed. The computers are to be funded by a lease/loan to the Public Safety Fund. The cameras are funded by the Drug Forfeiture Fund reserves.
The Fire Department is modifying the sleeping quarters and adding a restroom/shower to Fire Station #1 and #5 to better accommodate female firefighters. The accomodation is necessary to provide equal employment opportunities. Revenue returned to the City General Fund and Public Safety Fund from the South TIF adjustment will be used to fund the construction.
The Airport is requesting a budget amendment for ancillary construction and equipment costs allowed by the Series 2010B Bond document and related agreements. Remaining bond proceeds are available for the purchase of a skid steer with snow removal attachments ($36,640), sand/oil separator mud extractor ($25,060), electrical submetering ($8,500), and miscellaneous small equipment and supplies ($15,000).
Property insurance premiums for FY12 increased at a rate greater than the anticipated increase due to a change in property valuations. Insurance Fund reserves will be used and future charges for services to the attributable funds will be increased to replenish the reserves.
The Parking Fund entered into a contract with McKinstry to make building improvements as a result of the energy performance report released in FY11. Lease financing was approved by Council and the debt payments will be paid for with energy savings.
In FY11, City Council approved a plan to perform a South Billings Boulevard Urban Renewal District Master Plan. This project wasn't identified when the City adopted its FY 12 budget. The total cost of the contract is approximately $275,000. Tax increment receipts will be used to pay for this plan.
The costs of development incentives to First Interstate Bank for its 6th Avenue North operations center were greater than originally budgeted. These incentives are prescribed by a contract and are dependent upon the increase in tax increment for the East Billings Urban Renewal Area. The increase in the tax increment for the district was greater than anticipated; therefore the incentive was greater as well.
City Council approved the purchase of toughbook computers and in-car cameras on February 13, 2012. Both equipment purchases were anticipated to occur sometime during this fiscal year but the amount was unknown when the FY 12 budget was developed. The computers are to be funded by a lease/loan to the Public Safety Fund. The cameras are funded by the Drug Forfeiture Fund reserves.
The Fire Department is modifying the sleeping quarters and adding a restroom/shower to Fire Station #1 and #5 to better accommodate female firefighters. The accomodation is necessary to provide equal employment opportunities. Revenue returned to the City General Fund and Public Safety Fund from the South TIF adjustment will be used to fund the construction.
ALTERNATIVES ANALYZED
The Council may: Approve the requested budget amendments; or Not approve the requested budget amendments.
FINANCIAL IMPACT
The requested budget amendments will be funded by additional revenues or reserves.
RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and approve the resolution approving and adopting the third quarter budget amendments for Fiscal Year 2011/2012.