Fiscal Note
This resolution appropriates a variety of expenditures not anticipated in the 2020 Adopted Budget. The proposed changes include:
Contingent Reserve Transfers
1. General Fund Balance: The resolution authorizes appropriating $950,000 from unrestricted General Fund Balance to the 2020 Contingent Reserve. This appropriation brings the 2020 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.
2. Metro General Fund Subsidy: The resolution seeks approval to forego Metro’s 2002 General Fund subsidy ($8.5 million). In 2020 Metro received $24.5 million through the CARES Act. Legislative file 62987 seeks to appropriate $11.6 million from the CARES Act award, that amount reflects foregoing the 2020 General Fund subsidy.
3. Contingent Reserve Transfers: The resolution seeks approval to transfer $5,977,000 from the Contingent Reserve to agency budgets based on projected deficits.
The 2020 Adopted Budget included $1.93 million in the Contingent Reserve. To date, there has been $180,100 added to the Contingent Reserve (the net impact from funding COVID & election supplies and transferring the remaining balance from 2019 carry forward encumbrances). Based on the proposed actions listed above, and previously approved actions, the total amount transferred into the 2020 Contingent Reserve is $9,677,549. The total amount to be transferred to agency budgets is $6,332,000. Based on these actions the yearend remaining balance will be $5,275,549.
The appropriation changes and revenue re-estimates in the General Fund are anticipated to result in the need for $2.9 million applied from fund balance at the end of 2020. The possibility of additional funding from the state Routes to Recovery program could offset the need to apply any fund balance in 2020. The 2021 budget anticipates the use of $8 million from the Gen...
Click here for full text