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 2016 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 2016 budget year
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Town of Erie adopted the 2016 Budget on December 8, 2015. 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 2016 1st Supplemental Appropriation Request represents staff’s conservative and prudent estimates for providing on-going, quality services to customers for 2016. 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 2016 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 2015.
Revenues: This Supplemental Appropriation includes total revenues (inclusive of interfund transfers) amounting to $51.5 million, an increase of $1.6 million over the 2016 Adopted Budget. Accounting for the majority of this increase are development-related taxes and fees, landfill fees 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 $75.6 million in all funds (of which $44.1 million are for capital expenditures). This represents an increase of $21.7 million in expenditures over the 2016 Adopted Budget, of which all but $0.2 million are for capital expenditures. This increase reflects additional appropriation requests amounting to $1.6 million, rollovers for capital projects from 2015 of $18.0 million and $2.2 million in additional requests already approved by the Board. Detailed explanations of these requests can be found in the attached memorandum and detail of changes.
ATTACHMENTS:
a. Resolution and Schedule A
b. Memorandum and change detail