Fiscal Note
This resolution provides funding authorization for a variety of expenditures not anticipated in the 2007 Operating Budget. The unexpended balance of $185,605 that currently remains in the Contingent Reserve is appropriated first before turning to the General Fund balance. An appropriation from Contingent Reserve has no impact on the tax levy or Expenditure Restraint Program eligibility.
The appropriation of $5,300,000 from the General Fund balance brings the 2007 General Fund budget to the expenditure limit allowable under the State of Wisconsin's Expenditure Restraint Program. There is no impact on the tax levy. It is anticipated that, following this transfer, the unreserved, undesignated General Fund balance will remain at approximately 16% of budgeted expenditures, above the established target of 15%.
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SUBSTITUTE - Appropriating $185,605 from the Contingent Reserve, appropriating $5,300,000 from the General Fund Balance and transferring within agency budgets to cover various unbudgeted departmental expenditures during 2007.
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PREAMBLE
As the end of the year approaches, a review of agency budgets indicates a number of areas where conditions and events during 2007 are expected to result in the overrun of major departmental expenditure categories. In some cases, offsetting savings in another major expenditure or program revenue category are also available within the same department, so that no additional appropriation is required to balance the agency's budget. In other cases, however, internal savings are not sufficient to offset predicted cost overruns, resulting in a need to appropriate funds from Contingent Reserve or the General Fund balance. For 2007, a need for such additional appropriations are anticipated in the Police Department, Fire Department, Streets Division and the Office of Community Services.
The Workers Compensation Fund is also in need of an additional appropriation. The City of Madison ...
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