Title
Resolution to Correct the Adopted Ann Arbor City Budget for Fiscal Year 2024 by Increasing the FY 2024 Major Street Fund Approved Revenue Budget by Appropriating $2,657,371.00 from the Major Street Unobligated Fund Balance (8 Votes Required)
Memorandum
On May 15, 2023, City Council approved the FY 2024 Ann Arbor City Budget and Related Property Tax Millage Rates via Resolution #R-23-160. Due to a clerical error the planned use of fund balance for capital improvements was not programmed; therefore, the Major Street Fund was out of balance, the expense budget exceeded the budgeted revenue.
Per the Michigan Uniform Budgeting and Accounting Act, PSA 2 of 1968 the City must adopt a balanced budget by fund. In order to be in compliance, the Major Street Fund revenue budget must be amended to be increased by $2,657,371.00.
Budget Fiscal Impact: Funding is available in the Major Street Fund Unobligated Fund Balance. Increasing the revenue budget by $2,657,371 will present a balanced budget
Staff
Prepared by: Edward Ader, Financial Manager
Reviewed by: Marti Praschan, Chief Financial Officer
Approved by: Milton Dohoney Jr., City Administrator
Body
Whereas, As required by City Charter at its second meeting in May 2023, City Council approved the FY 2024 budget;
Whereas, A planned use of Major Street fund balance was intended to be programmed for planned capital improvements; however, due to a clerical error was not presented in the City's final budget for FY 2024;
Whereas, Per the Michigan Uniform Budgeting and Accounting Act, PSA 2 of 1968 the City must adopt a balanced budget; and
Whereas, Funding is available in the Major Street Fund unobligated Fund Balance;
RESOLVED, That the Adopted FY 2024 Ann Arbor City Budget be corrected by appropriating $2,657,371 to the FY 2024 Major Street Fund revenue budget from the Major Street Fund fund balance; thereby increasing the revenue budget to $16,746,599 resulting in a FY 2024 balanced Major Street Fund...
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