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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 12/12/2022 | | DEPARTMENT: | Budget | | DIRECTOR: | Karen Rhodes-Whitley, Director of Budget and Research | | AGENDA ITEM: | General Fund Supplemental Appropriation Ordinance | | RECOMMENDED ACTION: | Adoption of Ordinances |
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| | | | | | | | ITEM SUMMARY To transfer the sum of $2,000,000 from the General Fund Unappropriated fund balance to the Rainy Day Fund for fiscal year 2022-23 for the purpose of increasing reserves, amending the Budget of the City adopted by Ordinance No. 2022-9-9, specifically Section 1, Item “A”, to reflect the actions taken herein; declaring this action to be in the public interest; and providing an effective date. Adopted Ordinance No. 2022-12-6 |
| | | | | | | | PREVIOUS ACTION/PRESENTATION On September 12, 2022, City Council adopted the Operating Budget Ordinance for the 2022-23 fiscal year, which included appropriations for the General Fund of $300,540,850. |
| | | | | | | | BACKGROUND Supplemental appropriations have been approved in the past on an as-needed basis by the City Council to address funding requirements that were not identified within previously adopted budgets and that would not be prudent to delay to the next fiscal year. In this case, higher than anticipated sales tax revenues received in the General Fund (Fund 01) from the previous fiscal year, FY 2021-22, will be transferred to the Rainy Day Fund to increase reserves.
This agenda item will increase reserves in the Rainy Day Fund (Fund 63) by $2,000,000, that would otherwise be held within the fund balance of the General Fund (Fund 01). |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS This is the first supplemental appropriation for the FY 2022-23 General Fund (Fund 01) Budget, totaling $2,000,000.
Approval of this agenda item supports the City's Strategic Plan Critical Success Factor of Excellent, Innovative, and Accountable City Government. |
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