Title
HOLD a public hearing and consider an ordinance amending the FY 2023 Annual Budget of the City of Killeen to adjust revenue and expense accounts in multiple funds.
Summary
DATE: February 21, 2023
TO: Kent Cagle, City Manager
FROM: Miranda Drake, Assistant Director of Finance
SUBJECT: Budget Amendment
BACKGROUND AND FINDINGS:
The budget amendment predominantly addresses two major initiatives that includes appropriating additional funding for the Aviation Corporate Hangar II project due to an increase in building material prices and an increase to the professional service agreement; and additional funding for the professional services agreement for ADA assessment of all public rights-of-way.
The revenue will be amended as follows:
|
Revenue |
|
|
Transfer from General Fund |
$586,741 |
|
Transfer from KFHRA Fund |
$362,351 |
|
TOTAL |
$949,092 |
The expenses will be amended as follows:
|
Expense |
|
|
Transfer to Gov’t CIP Fund |
$586,741 |
|
Consulting |
586,741 |
|
Transfer to Aviation CIP Fund |
362,351 |
|
Construction |
362,351 |
|
TOTAL |
$1,898,184 |
THE ALTERNATIVES CONSIDERED:
Option 1 - Do not approve the ordinance amending the FY 2023 Annual Budget.
Option 2 - Approve the ordinance amending the FY 2023 Annual Budget.
Which alternative is recommended? Why?
Option 2 is recommended to approve the ordinance amending the FY 2023 Annual Budget.
CONFORMITY TO CITY POLICY:
The City’s Financial Governance Policies, Section V. Budget Administration (B)(1) states that City Council may amend or change the budget by ordinance.
FINANCIAL IMPACT:
What is the amount of the expenditure in the current fiscal year? For future years?
This budget amendment will appropriate $362,351 in additional funding for construction expense in FY 2023 for the Aviation Corporate Hangar II project and $586,741 in additional funding for the professional services agreement for the ADA assessment.
Is this a one-time or recurring expenditure?
One-time
Is this expenditure budgeted?
Upon approval of the attached ordinance amending the FY 2023 Annual Budget
If not, where will the money come from?
N/A
Is there a sufficient amount in the budgeted line-item for this expenditure?
Upon approval of the attached ordinance amending the FY 2023 Annual Budget
RECOMMENDATION:
City Council approve the ordinance amending the FY 2023 Annual Budget.
DEPARTMENTAL CLEARANCES:
Legal
ATTACHED SUPPORTING DOCUMENTS:
Ordinance