Summary Finance and Administrative Services (FAS) performs an end of year review of actual receipts and expenditures for each fund and department as part of its end of year procedures. This review is intended to identify budget and expenditure variances in need of correction. As a result of this review, the FAS Department deems it necessary to appropriate previously unanticipated FY 2016-2017 utility tax revenue received in order to correct several budget category variances. Florida Statutes allows for this type of budget adjustment up to 60 days after the close of the fiscal year.
Listed below is a breakdown of the budget and expenditure variances requiring corrective action:
1) The General Fund Solid Waste operating budget reflects an overage in contractual expenses of $48,433 as a result of storm debris cleanup resulting from the impact of Hurricane Irma;
2) The General Fund Patrol and Administration personal services budget experienced a $5,758 budget deficit resulting from a combination of higher retirement rates, increased health insurance costs and overtime related to Hurricane Irma; and,
3) The General Fund City Attorney operating budget (includes outside counsel fees) incurred additional expenses in an amount of $41,613 as a result of litigation costs related to the Myers Brothers septic treatment and disposal facility.
In order to correct these expense category variances, a resolution amending the City's FY 2016-2017 General Fund Budget is necessary.
FAS recommends the adoption of Resolution 18-02 amending the City's FY 2016-2017 budget and increasing the General Fund budget by recognizing previously unanticipated utility tax revenues in the amount of $95,804. |