Title
Consider an ordinance adopting Amendment No. 2 to the FY 2012-2013 Operating Budget. (Second Reading)
Body
In September 2012, Council adopted the Operating Budget for the City for FY 2012-2013. The Operating Budget consists of the General Fund, General Debt Service Fund, Water/Wastewater Utility Fund, and the Drainage Fund.
Amendment No. 1 to the Operating Budget was approved in May, 2013. The amendment allocated funding to the appropriate General Fund and Utility Fund departments as determined by the employee compensation and classification study during FY2013. A reallocation of funds to cover the projected legal expenditures for the fiscal year was also included along with a reduction in the amount anticipated to be received from a County reimbursement, reallocated funds to repair a fence damaged in FY2012, and recognized the final expenditures and grant funding received through the UASI grant.
This Amendment No. 2 to the Operating Budget allocates available cash from this fiscal year (2012-2013). These available funds are provided primarily due to the collection of additional sales tax revenues, capitalized lease proceeds, other revenues, and departmental savings.
Funds will be moved out of the General Fund to the Self-financed Construction Funds to be allocated as directed by Council at a later date.
This amendment also recognizes the pay back to the State Comptroller for the sales and use tax audit.
Recommended Action
Staff recommends approval.