Agenda Item Wording:
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Review 2023/24 Mid-Year Projections amend the General Fund surplus policy, and appropriate funds for various capital projects.
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Deadline for Action: 4/15/2024
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Renee Nagel, Finance and Technology Services Director 713-4375, Amee Swearingen, Budget Analyst 713-4170
Department Recommendation:
This report provides a Mid-Year budget update for the General Fund for this current fiscal year (FY 2023/24), an amendment to the General Fund surplus policy, and a request to fund several capital projects. Total appropriation requested is $1,576,100 and is listed by fund below:
* General Fund - appropriation of $1,063,000 for 5 projects;
* Convention Center Fund - appropriation of $500,000 for 1 project; and
* Fleet Maintenance Fund - appropriation of $13,100 for 1 project.
Background Discussion:
Annually the Finance Department presents a mid-year budget report to City Council that compares the budget to the current financial status. On years, the two-year budget is being prepared, mid-year projections only focus on the General Fund. The General Fund is the largest fund for essential services and its revenue source can fluctuate with the economy. Mid-Year projections prepared in off budget years focus on all operating funds. The City is currently in the process of preparing the two-year budget for FY 24/25 and 25/26, therefore is only reporting projections for the General Fund. There are no notable changes for the Enterprise and Internal Service funds.
The current budget was adopted in June of 2022. The adopted budget surplus for this fiscal year was $6.2 million and is currently projected to be $16.2 million as shown in Table 1- FY 23/24 General Fund Mid-Year projections.
Table 1
FY 23/24 General Fund Mid-Year Projections
The current budget was created in April 2022, at the time had continued uncertainty due to COVID and how the pandemic ...
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