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HomeMy WebLinkAbout37-08 RESOLUTIONRESOLUTION NO. 37-08 A RESOLUTION APPROVING A BUDGET ADJUSTMENT TO REAPPROPRIATE $1071975,386.00 FOR ONGOING CAPITAL AND GRANT FUNDED PROJECTS AND TO APPROVE REDUCTIONS IN THIS AMOUNT FROM YEAR END FINALIZATION OF THE 2007 BUDGET WHEREAS, bonded capital projects totaling about $74.4 million, operational/grant funded items totaling about $1 million, and capital projects (committed or uncompleted) totaling about $32.5 million need to be reappropriated into the 2008 budget so projects can be completed; and WHEREAS, the precise numbers for this reappropriation may be reduced when the 2007 budget is finalized and such reductions should be approved. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget adjustment in the amount of $107,975,386.00 for bonded capital projects ($74.4 million), operational/grant funded items ($1 million); capital projects (commitments outstanding) ($4.6 million); and capital projects (uncompleted items) ($27.9 million). Section 2: That the City Council of the City of Fayetteville, Arkansas hereby authorizes the Budget and Research Division to reduce any of the above rebudgeted amounts if the finalized 2007 budget shows a reduction in the available rebudgeted amount. PASSED and APPROVED this 19a' day of February, 2008. ATTEST: FAYETTEVILLE° c7p %�kAhsC�, 0"'him1110 k0% By: S gol, �- SON RA E. 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O>. d o O'(n V w w 5 m E c m O O c O O O m m C W O O O a) (n a Y m 2 w E 2w v a 'o >u5-- a w C coo c w m m P I- 0 O ccOcocowoo •• m m w a) a oa o m 0 L m u o a www m x mops romEmo)� 000`� 0)0)mw nwc w 0 mCw=�Oa(n(n r-- O m m '- C "O m U 1 r r 1 1 1 r I c c c —4-.---- E U n.._ w t m ami ami m ami ami ami ami ami m F H F U 2 Q <F -COO > lL (L lL (L EL tL (L (L (L w w w w w w w w C c c c c c C c 00)0)0)0000 EEEEEEEE 0)00)0000)0) 0 0 0 0 0 0 0 0 •- 1- E E E E E E E E C C C C c C C c E E E E E E E E a a a a a a a a W W W W W W W W ob ot5 o(y o() o S of oU of w w w w w w w w m m m m m m m m E OOOOOOOO 00001)000 L L L L L L L L >>>>>>>> City of Fayetteville Staff Review Form City Council Agenda Items or Contracts X65 Q/lgioe 37 ppcopdi47'ih'► 5idcei JJus ti 2/19/2008 City Council Meeting Date Kevin Springer Budget & Research Finance Submitted By Division Department Action Required: Approve a resolution reappropriating 2007 uncompleted capital project budgets, capital project funds, and outstanding purchase commitments as referenced in the attached schedules the 2008 Budget. Cost of this request 0 Account Number Category / Project Budget Funds Used to Date Various Program Category / Project Name Various Program / Project Category Name Various Project Number Remaining Balance Fund Name Budgeted Item X Budget Adjustment Attached �X Previous Ordinance or Resolution # '+.A Q A� Department Director Date Original Contract Date: City Attorney Date 2 - s -r Finance Director Date Mayor Original Contract Number: Received in City Clerk's Offic Received in Mayor's Office E E a H Wttvillee, DEPARTMENTAL CORRESPONDENCE TO: Mayor Coody and City Council THRU: Paul A. Becker, Director of Finance P ASb FROM: Kevin Springer, Budget Director DATE: January 29, 2008 SUBJECT: 2007 Re -Budgeting Request Recommendation Because of the need for project continuation, staff recommends approval of the attached rebudget request at the February 19, 2008 City Council meeting. In addition, staff is recommending approval of any changes to this request that may arise due to finalizing the 2007 year end which would result in a decrease in the total authorized budget. Any administrative changes will not increase the use of fund balance for 2007 and 2008. City Council is requested to amend the 2008 Adopted Budget by re -authorizing up to $107,975,386 for purchase commitments and capital improvements as follows. Bonded Capital Projects $ 74,444,590 Operational / Grant Funded Items 1,044,480 Capital Projects (Commitments Outstanding) 4,598,865 Capital Projects (Uncompleted Items) 27,887,451 Total Re -Authorizations $ 107,975,386 A finalized listing of the capital project re -budgets will be submitted to City Council as an informational item during the First Quarter of 2008. Background In the past at the close of each budget year, City Staff requests re -authorization of on -going capital projects and re -authorization of some operational funding that was not committed during the prior budget year as well as outstanding purchase commitments. Discussion This request re -authorizes project funding for identified and scheduled capital improvements in the current fiscal year. Currently, all uncommitted capital projects are placed on hold until City Council re -authorizes the unexpended funds into 2008. Please find attached a schedule of capital projects by Improvement Type which were included in the 2007 Budget but did not incur a financial obligation during the 2007 fiscal year. The 2007 estimated unreserved fund balance/retained earnings for the respective funds reflected the cost of the requested re -budgets. These re -budgeted items, therefore, do not impact the estimated fund balance amounts which were forecasted in the 2008 budget. The re -authorization of prior year's appropriated projects and items are normal budget operating procedures and are generally for one-time expenses. Approval of this request will allow the 2008 Budget to be increased to reflect the attached information. Several of the requested re -authorizations include revenue offset in the form of grant revenues. Total requested re -budgets for all funds are $107,975,386 as reflected in the following worksheet. These amounts will require City Council action. For your information, a summary by Funding Source and Improvement Type is included following this memo. The re -budget amounts are broken out into two separate categories: • Obligated: These items have Contracts/Purchase Orders already issued on them during 2007 and the City will not receive the item and/or service until 2008. • Unobligated: These items did not have any Contracts/Purchase Orders issued on them as of 2007. Budget Impact & Closing All of the funds requested in this re -authorization come from unexpended funds. They do not increase the use of operating reserves over what was estimated in the 2008 Annual Budget. This request simply retains project funding for identified and scheduled capital improvements for the current fiscal year. If you have any questions concerning the attachment or the procedure, please feel free to contact either Paul A. Becker (575-8330) or Kevin Springer (575-8226). Thank you for your attention to this request. RESOLUTION NO. A RESOLUTION APPROVING A BUDGET ADJUSTMENT TO REAPPROPRIATE $107,975,386.00 FOR ONGOING CAPITAL AND GRANT FUNDED PROJECTS AND TO APPROVE REDUCTIONS IN THIS AMOUNT FROM YEAR END FINALIZATION OF THE 2007 BUDGET WHEREAS, bonded capital •projects totaling about $74.4 million, operational/grant funded items totaling about $1 million, and capital projects (committed or uncompleted) totaling about $32.5 million need to be reappropriated into the 2008 budget so projects can be completed; and WHEREAS, the precise numbers for this reappropriation may be reduced when the 2007 budget is finalized and such reductions should be approved. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget adjustment in the amount of $107,975,386.00 for bonded capital projects ($74.4 million), operational/grant funded items ($1 million); capital projects (commitments outstanding) ($4.6 million); and capital projects (uncompleted items) ($27.9 million). Section 2: That the City Council of the City of Fayetteville. Arkansas hereby authorizes the Budget and Research Division to reduce any of the above rebudgeted amounts if the finalized 2007 budget shows a reduction in the available rebudgeted amount. PASSED and APPROVED this 19`h day of February, 2008. APPROVED: By: DAN COODY, Mayor ATTEST: By: SONDRA E. SMITH, City Clerk/Treasurer From: Clarice Pearman To: Springer, Kevin Date: 2.21.08 10:01 AM Subject: Budget Adjustment Kevin: I do not have a budget adjustment to attach to the resolution. Please let me know the status of the budget adjustment for reapproriating funds in 2008. Have a good day. Thanks. Clarice (2.21.08) Clarice Pearman - Re: Budget Adjustment Page 1 From: Kevin Springer To: Pearman, Clarice Date: 2.21.08 10:14 AM Subject: Re: Budget Adjustment The Budget Adjustment that we usually attach is the financial schedules contained in the Agenda Packet with the project listings. Kevin >>> Clarice Pearman 2/21/2008 10:01 AM >>> Kevin: I do not have a budget adjustment to attach to the resolution. Please let me know the status of the budget adjustment for reapproriating funds in 2008. Have a good day. Thanks. Clarice (2.29.08) Clarice Pearman -Res. 37-08 Page 1 From: Clarice Pearman To: Springer, Kevin Date: 2.29.08 4:24 PM Subject: Res. 37-08 Attachments: 37-08 Reappropriatation Budget Adjustment.pdf CC: Audit Kevin: Attached is a copy of the above resolution passed by City Council. Please let me know if there is anything else needed for this Item. Have a good weekend. Thanks. dance