Agenda Item Title:
Title
Administrative Services Department recommending that the Council adopt Resolution 22-13C, a resolution increasing total appropriations within the governmental funds for fiscal year 2021-22.
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Presenter:
Brian Kelley, Administrative Services Director
Brett Neumann, Budget Services and Business Intelligence Director
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Description/Background:
Please review the attached Resolution and exhibits A through D.
A. Exhibit A appropriates projected general revenue surplus and expense savings in the CAO department to fund a Government Affairs Executive Director in the Mayors department.
B. When the new Police Pay Program was approved in the fall, General Fund Balance was appropriated to cover increased payroll expenses. Exhibit B replenishes the General Fund Balance via increased general revenue projections, and $1 million of projected police savings.
C. Exhibit C recognizes the city's second tranche of funding from ARPA. In addition to replenishing the General Fund Balance for the $210 thousand transfer made to Alta Canyon Sports Center during carryover, staff recommends transferring $740 thousand of ARPA funds to Alta Canyon Sports Center to assist its operations while the City determines the best course of action for the center. The balance of the funds will be transferred to General Capital Projects.
D. Exhibit D amends the budget to recognize bond proceeds from the recent refinancing of the 2007 Soccer Stadium bond. The proceeds will be used to pay the outstanding principal of the old bonds and cover bond issuance costs for the refinancing.
Fiscal Impact:
Please review exhibits A-D of Resolution 22-13C in combination with the above descriptions.
Recommended Action and/or Suggested Motion:
Recommendation
Motion to adopt Resolution 22-13C, a resolution increasing total appropriations within the governmental funds for the fiscal year commencing on July 1, 2021 and ending June 30, 2022.