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: April 18, 2023
TO: Kent Cagle, City Manager
FROM: Miranda Drake, Assistant Director of Finance
SUBJECT: Budget Amendment
BACKGROUND AND FINDINGS:
This budget amendment addresses multiple major initiatives that include transferring fund balance in excess of 22% for capital improvement projects per the Financial Governance Policy; appropriating the fund balance for specific projects in the Governmental CIP Fund; appropriating specific grants; and amending operational accounts in multiple funds.
Non-grant Budget Amendment -
There are twenty-three (23) non-grant items addressed in this budget amendment:
1. In accordance with the Financial Governance Policy, Section X. Fund Balance, unassigned fund balances in excess of the 22% goal shall be transferred to the capital projects fund. This occurs after the final audit from the prior fiscal year has been delivered. Five funds are eligible to move excess funds above 22% after the FY 2022 audit:
* General Fund $ 8,022,232*
* Water & Sewer Fund 778,213
* Solid Waste Fund 1,201,741
* Drainage Fund 81,783
* KFHRA Fund 1,752,335
Total $11,836,304
*General Fund excess fund balance is $8,745,640. $586,741 was transferred to the Governmental CIP Fund to help pay for the ADA professional services agreement on February 28, 2023. $136,667 will remain in the General Fund budget to be appropriated in this budget amendment to pay additional amount for the 380 agreement with Northwest Tidwell, Ltd. in order to pay 3 installments instead of 5.
2. The excess fund balance transferring to the Governmental CIP Fund is proposed to fund the following projects:
* Senior Center (addt'l funding) $2,600,000
* Homeless Shelter 2,000,000
* Animal Services Facility 1,300,000
* Parks Maint. Facility (design...
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