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 2018-2019 interest income 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 Deputy City Clerk personal services and operating budgets reflect an overage of approximately $4,950 due to additional costs resulting from the 2019 election process;
2) The General Fund Recreation personal services and operating budgets incurred a deficit of approximately $20,050 as a result of the spring break and summer camp program operations; and,
3) The General Fund Community Planning/Development personal services budget experienced excess expenses of approximately $4,900 due to personnel changes.
In order to correct these expense category variances, a resolution amending the City's FY 2018-2019 General Fund Budget is necessary.
FAS recommends the adoption of Resolution 20-01 amending the City's FY 2018-2019 budget and increasing the General Fund budget by recognizing previously unanticipated interest income revenues in the amount of $29,900. |