Summary As part of its end of year procedures, the Finance Department performs an end of year budget adjustment after reviewing the actual receipts and expenditures for each fund and department. The purpose of this item is to appropriate unanticipated revenues the City has received since the adoption of the Fiscal 2013-2014 Budget. At the same time, those expenditures related to those revenues will be appropriated in order to maintain a balanced budget. Also, as part of the adjustment process, certain revenue and expenditure budgets will be adjusted to better reflect actual receipts and expenditures, thus preventing negative variances between the budget and year end actual totals. Finally, the adjustment will provide appropriation to close out a past grant fund. Florida Statutes allows for this type of budget adjustment up to sixty (60) days after the close of the fiscal year.
Listed below is a breakdown by fund of the adjustments:
1) The General Fund will be increased by $150,086. The City received this amount in unanticipated Licenses and Permits, Intergovernmental Revenue, Charges for Services, and Court Fines. A portion of this amount will be moved to the following General Fund departments and divisions to avoid negative variances between budget and year end actual totals. The breakdown is as follows: Public Services-Solid Waste Collection ($3,350) and Parks and Recreation ($34,076). Also, the Special Expense-General Government budget will be increased by $10,680, which will be transferred out to the DCA Hazard Mitigation Grant Fund in order to close out the fund. Finally, the remaining funds ($101,980) will be added to the City's Contribution to Fund Balance line item.
2) The DCA Hazard Mitigation fund will be increased by $10,680. This amount will be transferred from the General Fund to close out this fund per auditor recommendation.
3) Enterprise (Electric, Water, Wasterwater, and Mosquito Control) and Internal Service Funds budgets will not change. However, budget adjustments moving budget to more appropriate general ledger accounts where the actual transactions have been booked are included as part of the end of year adjustment.
This item is merely a housekeeping item in order to clean up the general ledger in preparation for the audit for the Fiscal Year ending 2014. | | |