TITLE
HOLD a public hearing and consider an ordinance amending the FY 2019 Annual Budget and Plan of Municipal Services of the City of Killeen by increasing revenue and expenditure accounts to establish the Street Maintenance Special Revenue Fund budget.
SUMMARY
DATE: January 22, 2019
TO: Ronald L. Olson, City Manager
FROM: Jonathan Locke, Executive Director of Finance
VIA: Miranda Drake, Director of Budget
SUBJECT: Budget Amendment
BACKGROUND AND FINDINGS:
On December 11, 2018, the City Council approved an ordinance establishing a Street Maintenance Special Revenue Fund and providing for the collection of street maintenance fees. While the ordinance became effective immediately, the implementation phase will take approximately six (6) months to properly integrate the new fee into the billing system. The collection of this fee will start in the July 2019 billing cycle.
Ordinance No. 18-045, Section 25-226, created a separate fund within the City’s fund structure known as the Street Maintenance Special Revenue Fund, for the purpose of maintenance of the transportation system. This budget amendment transfers the funds for Street Operations from the General Fund to the Street Maintenance Special Revenue Fund.
Revenue Budget
Special Revenue Fund - Street Maintenance Fund $5,233,565
TOTAL $5,233,565
Expenditure Budget
General Fund $ 0
Special Revenue Fund - Street Maintenance Fund 5,233,565
TOTAL $5,233,565
THE ALTERNATIVES CONSIDERED:
(1) Approve the attached ordinance amending the Annual Budget and Plan of Municipal Services for FY 2019 to establish the Street Maintenance Special Revenue Fund budget.; (2) Do not approve the ordinance.
Which alternative is recommended? Why?
Staff recommends option 1 to approve the ordinance amending the Annual Budget and Plan of Municipal Services for FY 2019 to establish the Street Maintenance Special Revenue Fund budget.
CONFORMITY TO CITY POLICY:
City C...
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