TITLE
HOLD a public hearing and consider an ordinance amending the FY 2021 Annual Budget of the City of Killeen to authorize the carry forward of FY 2020 expenditure budgets to the FY 2021 budget and adjust revenue and expenditure accounts in multiple operating, special revenue, internal service, and capital improvement project funds.
SUMMARY
DATE: January 19, 2021
TO: Kent Cagle, City Manager
FROM: Jonathan Locke, Executive Director of Finance
VIA: Miranda Drake, Director of Budget
SUBJECT: Budget Amendment
BACKGROUND AND FINDINGS:
This budget amendment predominantly addresses four major initiatives that include carrying forward funds from FY 2020 to FY 2021 for contracts and commitments that were not completed in FY 2020; appropriating funds for specific programs and grants; recognizing funds to be reimbursed for fire deployments and a TML insurance claim on the Transfer Station; and appropriating the Water & Sewer Revenue and Refunding Bonds issued in November 2020.
Carry Forward -
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.
A number of outstanding contracts and commitments for projects and/or services were not completed nor received by the City prior to the close of the fiscal year ended September 30, 2020. In order to complete contracted projects and/or services, FY 2020 appropriations need to be carried forward to the FY 2021 Annual Budget.
FY 2020 Carry Forwards Revenue Budget
General Fund $54,809
Internal Service Funds 316,917
Aviation Fund 30,000
Drainage Fund 9,018
Airport Improvement Grant (AIP) Fund 1,916,149
TOTAL $2,326,893
FY 2020 Carry Forwards ...
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