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File #: 72607    Version: Name:
Type: Resolution Status: Passed
File created: 7/12/2022 In control: FINANCE COMMITTEE
On agenda: 8/2/2022 Final action: 8/2/2022
Enactment date: 8/8/2022 Enactment #: RES-22-00552
Title: BY TITLE ONLY SUBSTITUTE Amending the 2022 Adopted Operating Budget to transfer funds between and within agency budgets based on projected spending through the 2nd Quarter of 2022, appropriate a net amount of $1.7 million from the General and Library Fund balances, make transfers between funds, and amending the 2022 capital budget to transfer funds across projects.
Sponsors: Satya V. Rhodes-Conway
Attachments: 1. 2022 2ndQ Projection - FC.pdf
Fiscal Note
The proposed resolution amends the 2022 Adopted Operating Budget in order to make technical adjustments within various agency budgets. The amounts proposed in the midyear appropriation are based on actual expenditures through the first half of 2022. The proposed transfers include applying $1.7 million in general and library fund balance for carry forward encumbrances and projected deficits in agency budgets. The December 31, 2021, unassigned general fund balance was $56.4 million, which is 16.5 percent of the 2022 general fund budget (city policy goal is to have a general fund balance of at least 15 percent of the subsequent year budget). The December 31, 2021, unassigned library fund balance was $1.855 million, which is 9.7 percent of the library budget (the goal is 5.0 percent). The remaining Expenditure Restraint Program (ERP) is $3.2 million, so the net increase of $1.6 million in General Fund appropriations will not affect the City’s eligibility to qualify for a state ERP payment in 2023. In addition, the resolution amends the 2022 Adopted Capital Budget to make technical transfers of funding across projects and comply with arbitrage requirements under federal tax law.

Carry Forward Encumbrances
The 2022 Adopted Operating Budget includes $233,568 for encumbrances associated with contracts that span multiple years, which is centrally budgeted in Direct Appropriations. The total amount carried forward from 2021 for the General and Library funds totals $535,331 (General Fund balance -- $192,803; Library Fund balance -- $108,960). The resolution transfers centrally budgeted funds and makes appropriations from the general fund and library fund balances to agency budgets for carry forward encumbrances.

The total amount carried forward from 2021 for Public Health totals $918,335. The resolution transfers budget from Public Health’s fund balance for carry forward encumbrances.

Intra-Agency Transfers
The resolution seeks approval to authorize $38,500...

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