Title
Year End Appropriation Resolution to amend the 2024 Adopted Operating Budget to increase General Fund appropriations by a total of $8.0 million by appropriating a net amount of $1.5 million from the General Fund Unassigned Balance to meet projected shortfalls in agency budgets and increasing the general fund transfer out to the capital projects fund by $6.5 million related to American Rescue Plan Act (ARPA) reallocations; transferring $7.3 million of American Rescue Plan Act (ARPA) funds from the grant fund to the general fund; reducing general fund balance applied by $849,364, related to ARPA reallocations; making transfers of appropriations within agency budgets; making revenue adjustments to non-general fund agencies based on third quarter projections; clarifying for federal transit financial reporting purposes that a portion of the Metro Transit subsidy from the General Fund is used to pay debt service in the Metro Transit enterprise fund; and amend the 2024 Adopted Capital Budget to appropriate funding from non-borrowing sources to various capital projects; and transferring funds across capital projects to comply with federal arbitrage rules.
Fiscal Note
The proposed resolution amends the 2024 adopted operating budget in order to make technical adjustments within various agency budgets. The amounts proposed in the year-end appropriation are based on actual expenditures through September of 2024. Major changes in the resolution include: 1) appropriating $8,038,911 in the General Fund budget, including $1,538,911 from the General Fund unassigned balance to cover projected deficits in multiple agencies and $6.5 million for a transfer from the General Fund to the Capital Projects Fund that is supported by a reallocation of federal American Rescue Plan Act (ARPA) State and Local Fiscal Relief Funds (SLFRF), 2) reallocating federal ARPA-SLFRF funds to close out projects by the end of 2024 and transferring $7,349,364 to the general fund, 3) transferring $2,...
Click here for full text