SUBJECT: A Resolution Providing For The Supplemental Appropriation Of Money To Various Funds In The Amounts And For The Purposes Set Forth Below, For The Town Of Erie, Colorado, For The 2017 Budget Year
DEPARTMENT: Finance
PRESENTER: Steve Felten
FISCAL INFORMATION:
Cost as Recommended: n/a
Balance Available: n/a
Budget Line Item Number: n/a
New Appropriation Required: Yes
STAFF RECOMMENDATION: Staff recommends the Board of Trustees approve the resolution that provides for a supplemental appropriation for the 2017 budget year.
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Town of Erie adopted the 2017 Budget on December 13, 2016. At least twice yearly, staff reviews the adopted budget and year-to-date actual revenues and expenditures. Based on these reviews, staff requests supplemental appropriations to update the budget to reflect actual revenues and expenditures of the prior and current year, year-to-date Board of Trustee actions, and projected revenues and expenditures for the remaining fiscal year.
The 2017 1st Supplemental Appropriation Request represents staff’s conservative and prudent estimates for providing on-going, quality services to customers for 2017. Although some data is presented as the total of all funds, each fund is independent of the other funds.
Fund Balances: We do not anticipate any negative fund balances in the requested 2017 Supplemental Appropriation Request. The beginning fund balances of the Supplemental Appropriation have been updated to reflect the actual ending fund balances (working capital in the case of enterprise funds) from 2016.
Revenues: This Supplemental Appropriation includes total revenues (inclusive of interfund transfers) amounting to $65.8 million, an increase of $10.4 million over the 2017 Adopted Budget. Accounting for the majority of this increase are debt proceeds related to the March Water Fund debt refunding, development-related taxes and fees, sales tax and grants. Additional information on these revenue changes can be found in the attached memorandum and detail of changes.
Expenditures: The Supplemental Appropriation includes expenditures amounting to $87.0 million in all funds (of which $49.5 million are for capital expenditures). This represents an increase of $35.8 million in expenditures over the 2017 Adopted Budget, of which only $0.2 million are new requests. The majority of increases represent rollovers totaling $29.8 million from the 2016 budget for projects not completed at the end of 2016. In addition, there are $5.8 million in additions to the 2017 budget for expenditures already approved by the Board (primarily related to the March Water Fund bond refunding). Detailed explanations of these requests can be found in the attached memorandum and detail of changes.
ATTACHMENTS:
a. Resolution and Schedule A
b. Memorandum & Change Detail