Title
HOLD a public hearing and consider an ordinance amending the FY 2023 Annual Budget of the City of Killeen to increase expenditure accounts in the Street Maintenance Fund.
Summary
DATE: March 21, 2023
TO: Kent Cagle, City Manager
FROM: Miranda Drake, Assistant Director of Finance
SUBJECT: Budget Amendment
BACKGROUND AND FINDINGS:
The FY 2023 Budget included $500,000 for the design and engineering of the Stagecoach project utilizing some of the remaining funds from the Certificates of Obligation bonds from 2011. However, the estimate came in higher than originally anticipated. This budget amendment appropriates the additional funding needed for the design and engineering.
Fund balance in excess of 22% is available in the Street Maintenance Fund for the additional funding needed for the design and engineering of the Stagecoach Road project.
Expenditures will be amended as follow:
|
Expenditure |
|
|
Design/Engineering |
1,482,000 |
|
TOTAL |
$1,482,000 |
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 $1,482,000 of fund balance in excess of 22% in the Street Maintenance Fund in FY 2023.
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
Presentation