SUBJECT:
Title
PUBLIC HEARING: An Ordinance of the Board of Trustees of the Town of Erie Providing for the Supplemental Appropriation of Money to Various Funds for the 2023 Budget Year
Body
DEPARTMENT: Finance
PRESENTER: Cassie Bethune, Finance Manager
TIME ESTIMATE: 20 minutes
only required for non-consent items
FISCAL SUMMARY:
Cost as Recommended: See Ordinance and Packet
Balance Available: Various
Budget Line Item Number: Various
New Appropriation Required: Yes
STAFF RECOMMENDATION:
Recommendation
Staff recommends the Board of Trustees approve the ordinance that provides for a supplemental appropriation for the 2023 budget year.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Town of Erie adopted the 2023 Budget on Nov. 15, 2022. Typically, at least twice yearly, staff reviews the adopted budget and year-to-date actual revenues and expenditures to determine if changes to the adopted budget are required. Based on these reviews, staff proposes 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. In this case we are also proposing adding positions and capital expenditures we discussed during the 2023 Budget process, but held off including in the Budget until we were more certain ongoing revenues would be strong enough to support such expenditures on an ongoing basis.
The 2023 1st Supplemental Appropriation represents staff's conservative and prudent estimates for providing on-going, high-quality services to residents, businesses, and visitors for 2023. Although some data is presented as the total of all funds, each fund is independent of the other funds. Commentary on the requested changes and supporting financial schedules are attached.
Fiscal Impact:
The fiscal impact on each fund is described in the accompanying ordinance and packet.
Board Prior...
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