Title
HOLD a public hearing and consider an ordinance amending the FY 2023 Annual Budget of the City of Killeen to adjust revenue and expenditure accounts in multiple funds.
Summary
DATE: December 6, 2022
TO: Kent Cagle, City Manager
FROM: Miranda Drake, Director of Budget
SUBJECT: Budget Amendment
BACKGROUND AND FINDINGS:
The following budget amendment addresses two major initiatives that includes:
1. allocating additional ARPA funding for the Small Business Relief Grants and the Central Texas Alcohol Rehabilitation Center, and
2. appropriates Tax Increment Reinvestment Zone (TIRZ) Funds for Phase I of the Rancier Avenue project.
1. In the FY 2022 Budget, $1,000,000 of American Rescue Plan Act (ARPA) Funds were budgeted for the Small Business Relief Grants, as well as the North Killeen Downtown Small Business Grant. $965,812 was spent on the North Killeen Downtown Small Business Grants. In addition, there were $22,798 in change orders for the North Killeen Downtown Small Business Grants bringing the overall total to $988,610. $177,225 in business relief is recommended for the Small Business Relief Grants. Due to the additional funds added by City Council for the North Killeen Downtown Small Business Grants, an additional $165,835 is needed to fund the difference. ARPA Funds are available to cover this amount.
On November 29, 2022, City Council provided a motion of direction to appropriate $70,000 of funding for the Central Texas Alcohol Rehabilitation Center. ARPA Funds are eligible for this initiative and are available to appropriate.
Revenues will be amended as follows:
Revenues
Department of Treasury - ARPA
$235,835
TOTAL
$235,835
Expenditures will be amended as follows:
Expenditures
Business Assistance
$165,835
Central Texas Alcohol Rehabilitation Center
70,000
TOTAL
$235,835
2. On September 8, 2022, the TIRZ Board voted 5-0 to appropriate up to $1 million in TIRZ funding for the design of Phase I of the Rancier Avenue project. T...
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