Fiscal Note
This resolution appropriates a variety of expenditures not anticipated in the 2019 Adopted Budget. The resolution authorizes $950,000 in new appropriations funded from the General Fund balance. These appropriations bring the 2019 Revised Operating Budget much closer to the State of Wisconsin Expenditure Restraint Program limit and help 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 above the target of 15 percent of 2019 expenditures.
The resolution also appropriates $300,000 in reimbursed revenue from FEMA resulting from the August 2018 flooding event. This revenue is deposited as an agency revenue in Direct Appropriations, the expense authority will increase the appropriation for the 2019 Contingent Reserve by $300,000, which will be transferred to agency budgets, with no impact on net General Fund expenditures.
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 2019 Contingent Reserve. As of the November 19th Common Council meeting the remaining balance of the Contingent Reserve is $1,445,620 (this amount does not include the increase proposed in this resolution).
The resolution also changes the funding source for $1.68 million of Water Utility capital projects from utility reserves to revenue bond proceeds. This change will help improve the utility’s unassigned cash balance at the end of 2019.
Title
Amending the 2019 Adopted Operating Budget by appropriating a net amount of $950,000 from the General Fund balance to agency budgets, and $90,000 from the Library Fund balance, and making transfers of appropriations between and within agen...
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