Title
HOLD a public hearing and consider an ordinance amending the FY 2023 Annual Budget of the City of Killeen to increase revenue and expense accounts in multiple funds.
Summary
DATE: August 22, 2023
TO: Kent Cagle, City Manager
FROM: Miranda Drake, Assistant Director of Finance
SUBJECT: Budget Amendment
BACKGROUND AND FINDINGS:
This budget amendment addresses two initiatives:
1. Allocate additional funding for right-of-way acquisitions and construction for the 12” Sewer Main in Trimmier Creek Basin project. This project is funded with Wastewater Impact Fees and an interlocal agreement with KISD for funding of 50% of the project up to $750,000. This budget amendment will increase the project funding in the Wastewater Impact Fee Fund.
|
Expense |
|
|
Land/ROW |
$75,391 |
|
Construction |
287,746 |
|
TOTAL Expense |
$363,137 |
2. On January 24, 2023, City Council approved ordinance amendments to Section 31-393 - Vacant structures in the historic overlay district. Part of the ordinance amendments included an annual registration fee and annual inspection fee. This budget amendment allocates the additional revenue received in excess of the amount budgeted for the current fiscal year and appropriates the offsetting expense for a downtown project. City Council requested these funds be used specifically for downtown projects.
|
Revenue |
|
|
Vacant Structure Permit |
$5,500 |
|
TOTAL Revenue |
$5,500 |
|
Expense |
|
|
Professional Services |
$5,500 |
|
TOTAL Expense |
$5,500 |
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 FY 2023 expenses in the amount of $363,137 in the Wastewater Impact Fee Fund and $5,500 in expenditures in the General Fund.
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