Title
Resolution to Amend Ann Arbor City Budget for Fiscal Year 2015 (8 Votes Required)
Memorandum
Attached for your review and approval, please find a resolution to amend the Ann Arbor City Budget for Fiscal Year 2015.
The Michigan Public Act 621 of 1978, as amended, provides that the City shall not incur expenditures in excess of the amounts appropriated. In order to comply with PA 621, the City monitors expenditures against the adopted budget on a monthly basis and appropriates budget amendments be adopted by Council as needed.
Management of the City has monitored the revenue and expenditure activity against the adopted budget for the various funds throughout the year. In addition, management has attempted to periodically forecast the remainder of the fiscal year’s revenue and expenditures.
In monitoring the various funds, management has forecasted certain variances versus budget that require budget amendments to remain in compliance with PA 621 as indicated above. These variances and the reasons for the variances are listed on the attachment.
The total requested General Fund budget amendment is $80,000. The budget amendment for all other funds totals $16,926,418. A detail of the requested appropriations is attached.
Passage of this Resolution and approval of the fiscal year 2015 budget amendments as prepared is recommended.
Staff
Prepared by: Kenneth J. Bogan, Senior Finance Specialist
Reviewed by: Tom Crawford, CFO
Approved by: Steve Powers, City Administrator
Body
Whereas, On May 19, 2014, City Council adopted the annual operating budget for FY 2015 for the City of Ann Arbor;
Whereas, The Michigan Public Act 621 of 1978, as amended, provides that the City shall not incur expenditures in excess of the amounts appropriated;
Whereas, The City’s management have monitored revenues and expenditures and have forecasted revenues and expenditures against the adopted budget; and
Whereas, The forecasted expenditures are in excess of the City’s adopted budget for some units in the General Fund, and certain other funds in total as listed below;
RESOLVED, That Council amend the General Fund expenditure budget for the City Clerk’s office by $80,000 for the FY 2015, and that the source of funding for the additional expenditures is a refund/reimbursement of expenditures:
|
GENERAL FUND EXPENDITURES |
|
CITY ADMINISTRATOR - Clerk Services |
$80,000.00 |
|
TOTAL GENERAL FUND EXPENDITURES |
$80,000.00 |
RESOLVED, That Council amend the following other funds’ revenue and expenditure budgets for FY 2015, with the source of funding as indicated:
|
REVENUES |
|
Fund |
Fund Name |
Amount |
|
0002 |
ENERGY PROJECTS FUND - use of fund balance |
$ 24,000.00 |
|
0024 |
OPEN SPACE & PARKLAND PRESERVATION-use of fund balance |
388,000.00 |
|
0035 |
GENERAL DEBT SERVICE FUND - transfer from Energy Projects and Open Space Funds and bond refunding proceeds |
16,511,000.00 |
|
0073 |
LOCAL FORFEITURE FUND - use of fund balance |
3,418.00 |
|
EXPENDITURES |
|
Fund |
Fund Name |
Amount |
|
0002 |
ENERGY PROJECTS FUND |
$ 24,000.00 |
|
|
|
|
|
0024 |
OPEN SPACE & PARKLAND PRESERVATION |
388,000.00 |
|
0035 |
GENERAL DEBT SERVICE FUND |
16,511,000.00 |
|
0073 |
LOCAL FORFEITURE FUND |
3,418.00 |