Adopt Resolution #14-03-050 Amending 2013 General Fund Budget

Purpose:  Annually the city adopts a General Fund Budget.  The city is required to amend the budget to reflect actual revenues/expenditures for the year.  The amended budget is included in the city's annual Comprehensive Annual Financial Report (CAFR).

Background:  Attached to this case is Resolution #14-03-050 amending 2013 activity of the General Fund.  This is primarily a 'housekeeping' item and is done on an annual basis.  The amended budget also allows the determination of whether there is excess revenue for the budget year and the respective transfer (per policy) is performed.  For year ending 2013, it is estimated that the city will exceed its fund balance requirements for 2014 by approximately $716,531.  This transfer has been completed and is noted in the final General Fund Budget numbers.  A summary of the excess revenue determination is included on the last page (page #16) under the General Fund Budget document that is attached.

A large portion of the 2013 budget was for road reconstruction funding.  A summary of the ending balance available for future road projects is also on page 16 of the attached budget document.  A total of $522,971 is being held in the Public Improvement Revolving Fund (PIR) from unused road funding from the 2013 budget.

 

As noted, all line items and departments of the General Fund Budget is attached.  Those items shown in blue are those line items that went over-budget.  An overall summary of the 2013 revenue and expenditures is included on page 15 of the document.

As the activity has already occurred for year 2013, the only recommendation is to approve Resolution #14-03-050 amending the 2013 General Fund Budget