Summary As part of its normal procedures, the Finance and Administrative Services Department routinely performs reviews of the actual and anticipated receipts, as well as expenditures for each fund and department. The purpose of this item is to amend the Fiscal Year 2016-2017 Budget to recognize and appropriate previously unanticipated revenue received since the beginning of the fiscal year. Corresponding expense accounts must also be appropriated in order to maintain a balanced budget and enable the use of these funds.
A breakdown of the necessary adjustments by fund is as follows:
1) Wild Spaces Public Places (WSPP) Fund - Establish/Increase of $316,000. In November 2016, Alachua County voters approved the WSPP 1/2 cent sales surtax for a period of eight (8) years. The sales surtax went into effect on January 1, 2017. The City began to receive sales surtax proceeds from the State of Florida in March 2017.
2) Mill Creek Sink Fund - Establish/Increase of $400,000. On March 27, 2017, the City Commission approved the Memorandum of Agreement for Cost Share Assistance with the Suwannee River Water Management District (SRWMD). This agreement provides funding to improve water quality recharging of the Upper Florida Aquifer at the Mill Creek Swallet and to preserve/protect the Mill Creek Sink and Mill Creek Cave System.
3) Project Legacy Fund - Increase of $35,000. In May 2016, the City received proceeds from issuance of the Capital Improvement Revenue and Revenue Refunding Bonds, Series 2016. The purpose of these bonds was to refinance the previous Series 2006 bonds, the construction of the Project Legacy multi-purpose facility and the construction of the Public Services Operations Center/Warehouse. Interest earned from bond proceeds must be expended for purposes identified within bond documents.
If approved, the amended budget total would be $50,354,153. A Resolution with a budget amendment is required to effect these changes. |