TITLE
HOLD a public hearing and consider an ordinance amending the FY 2020 Annual Budget of the City of Killeen to authorize the carry forward of FY 2019 expenditure budgets to the FY 2020 budget.
SUMMARY
DATE: January 21, 2020
TO: Kent Cagle, City Manager
FROM: Jonathan Locke, Executive Director of Finance
VIA: Miranda Drake, Director of Budget
SUBJECT: Carry Forward Budget Amendment
BACKGROUND AND FINDINGS:
City Charter (Article VII, Section 71) states that all appropriations shall lapse at the end of the fiscal year to the extent that they shall not have been expended or lawfully encumbered. During the course of a fiscal year, there are contracts and commitments that are entered into by the City that begin in the current fiscal year and are completed in the next fiscal year.
There are contracts and commitments for projects and/or services that were not completed nor received by the City prior to the close of the fiscal year that ended September 30, 2019. In order to complete these projects and/or services, FY 2019 appropriations need to be carried forward to the Annual Budget for FY 2020 as a budget amendment.
FY 2019 Carry Forward Revenue Budget
Capital Improvement Funds $4,584
Internal Service Funds 431,147
TOTAL $435,731
FY 2019 Carry Forward Expenditure Budget
General Fund $573,511
Special Revenue Funds 977,957
Capital Improvement Funds 11,572,679
Water and Sewer Fund 19,701
Drainage Utility Fund 3,300
Internal Service Funds 511,761
TOTAL $13,658,909
THE ALTERNATIVES CONSIDERED:
(1) Approve the attached ordinance amending the Annual Budget for FY 2020 to re-appropriate funds from the fiscal year that ended September 30, 2019; (2) Do not approve the ordinance.
Which alternative is recommended? Why?
Staff recommends option 1 to approve the ordinance amending the Annual Budget for FY 2020 to re-appropriate funds from the...
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