Fiscal Note
This resolution appropriates a variety of expenditures not anticipated in the 2017 Adopted Operating Budget. The resolution authorizes $2.0 million in new appropriations funded by General Fund and Library Fund balances. These appropriations bring the 2017 Revised Operating Budget closer to the State of Wisconsin Expenditure Restraint Program limit and helps preserve expenditure authority in future years. Adoption of this resolution has no impact on the tax levy. It is anticipated that, following this transfer, the unreserved, undesignated, and unassigned General Fund balance will remain below the target level of 15 percent of budgeted expenditures at the end of 2017 but above 14 percent.
In addition to new appropriations, the resolution also includes a series of transfers across and within departments. These adjustments reflect projected spending levels through the 3rd Quarter; all proposed transfers are net neutral. Among these transfers is fully expending the 2017 Contingent Reserve. As of the November 21st Common Council meeting the remaining balance in the Contingent Reserve is $1.1 million.
The proposed resolution also authorizes an advance to CDA Redevelopment for the Village on Park project. This advance will be funded from the debt service fund.
Title
SUBSTITUTE - Appropriating a net amount of $2 million from the General and Library Fund balances to agency budgets, making transfers of appropriations between and within agencies, making a short-term advance from the Debt Service Fund to the Community Development Authority, and amending the 2017 operating budget.
Body
As the end of the year approaches, a review of agency operating budgets indicates a number of areas where conditions and events during 2017 are expected to result in the overrun of specific expenditure categories. This resolution increases General Fund appropriations by $2.0 million; the resolution also transfers $1.72 million across various agency budgets and advances $...
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