Regular 6.
Regular City Council Meeting
- Meeting Date:
- 05/11/2020
- TITLE
- Public Hearing and Resolution for FY20 Budget Amendments
- PRESENTED BY:
- Andy Zoeller
- Department:
- Finance
Presentation:
Yes
PROBLEM/ISSUE STATEMENT
Montana Code allows local governments to amend their fiscal year budgets by using the same method as used for the original budget adoption: public notice, public hearing and Council adopting a resolution. The following amendments are proposed for FY 2020:
1.) The Fire Department is requesting additional budget authority to replace a pickup that was involved in an accident on 09/15/2019. Insurance proceeds in the amount of $52,089 have been received. These funds will be used to replace the pickup and appropriate accessories.
2.) Additional budget authority is needed in the East Billings Tax Increment Fund. When the budget for the Debt Service payments was originally prepared, the final debt schedules for the East Billings TIF Bonds were not yet available, and the budget was prepared based upon an estimated amount. Now that final debt service schedules are available, additional budget authority is needed to cover the actual debt payments. Increment revenues will be used to cover the additional cost.
3.) The Police Department is requesting additional budget authority to replace 5 totaled vehicles. Many of these vehicles were near replacement, and much of the funding has been set aside through our Equipment Replacement Plan. Additional funding for the amounts that have not yet been accumulated will need to come from the Public Safety Fund Reserves. No insurance proceeds are likely to be received.
1.) The Fire Department is requesting additional budget authority to replace a pickup that was involved in an accident on 09/15/2019. Insurance proceeds in the amount of $52,089 have been received. These funds will be used to replace the pickup and appropriate accessories.
2.) Additional budget authority is needed in the East Billings Tax Increment Fund. When the budget for the Debt Service payments was originally prepared, the final debt schedules for the East Billings TIF Bonds were not yet available, and the budget was prepared based upon an estimated amount. Now that final debt service schedules are available, additional budget authority is needed to cover the actual debt payments. Increment revenues will be used to cover the additional cost.
3.) The Police Department is requesting additional budget authority to replace 5 totaled vehicles. Many of these vehicles were near replacement, and much of the funding has been set aside through our Equipment Replacement Plan. Additional funding for the amounts that have not yet been accumulated will need to come from the Public Safety Fund Reserves. No insurance proceeds are likely to be received.
ALTERNATIVES ANALYZED
The Council will conduct a public hearing and may:
- Approve the requested budget amendments; or
- Not approve the requested budget amendments, which may place the City in violation of Montana law.
FINANCIAL IMPACT
The requested budget amendments will be funded by reserves. The funds impacted include the Public Safety Fund and East Billings Tax Increment Fund.
RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and approve the resolution approving and adopting the budget amendments for Fiscal Year 2020.