Item 17: FY23 Midyear Budget Adjustments

[COSM_Admin]

Consider approval of Ordinance 2023-40, on the first of two readings, amending the City’s 2022-2023 fiscal year budget to authorize mid-year adjustments to facilities maintenance costs, programming costs, adding personnel to authorized schedule, and carry forward funds from the 2021-2022 fiscal year encumbrances; including procedural provisions; and providing an effective date.

 

[JHughson]

What is the source of these general fund dollars?

 

[COSM_Admin]

Response provided by Jon Locke, Director of Finance:
Sales taxes are forecasted to exceed budget by approximately $2 million. The budget amendment proposes to use $1.7 million of the forecasted sales tax collections. A portion of the expenditure budget amendment is for one-time expenses (i.e., Citywide office remodel/relocation for City Hall is $500,000). Exhibit A provides additional information on the revenues and expenditures.