Regular 4.
Regular City Council Meeting
- Meeting Date:
- 10/22/2012
- TITLE
- Public Hearing and Approval of Resolution Approving and Adopting Park Maintenance Districts and Miller Crossing Tax Increment Funds Budget Amendment
- PRESENTED BY:
- Patrick M. Weber, Finance Director
- Department:
- City Hall Administration
Presentation:
Information
PROBLEM/ISSUE STATEMENT
Staff is requesting that the City Council conduct a public hearing and amend the FY 2012 budget for two of the City's Funds. The water charges for the Park Maintenance Districts Fund were $122,300 for June of 2012. This caused the actual expenditures to exceed the FY 12 budget by $100,000. The total water charges for FY 12 were approximately $100,000 more than FY 10 and FY 11. The Miller Crossing Tax Increment Fund requires a budget amendment in the amount of $2,400. More incremental revenue was received than anticipated, making the reimbursement to owners in the district higher than was originally budgeted.
ALTERNATIVES ANALYZED
The Council may: Approve the requested budget amendments; or Not approve the requested budget amendments which would put the City in violation of Montana Code Annotated.
FINANCIAL IMPACT
The requested budget amendments will be funded by existing cash balances.
RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and approve the resolution approving and adopting the budget amendments for the Park Maintenance Districts and Miller Crossing Tax Increment Funds for Fiscal Year 2011/2012.