During the year, supplemental budget adjustments are necessary to maintain the adopted legal level of control set forth in the 2017 Budget Ordinance. These supplemental appropriations may modify expenditures and revenues within any fund. This adjustment also includes changes to the Capital Improvement Fund.

First reading of this ordinance amendment was held during the Council Meeting of April 26, 2018. During the meeting, Council made changes to fund an Early Childhood Program, and to create a wage adjustment reserve to fund pay inequities that will be identified in an upcoming classification and compensation study.

This supplemental appropriation will:

• Increase the budget for certain General Fund revenues in recognition of projected 2017 collections being higher than the original budget by $6,933,537. Of this total variance, the 2017 amended revenue budgets will be increased by an additional $5,250,000 in recognition of additional sales tax, insurance premiums tax, fines and penalties, hotel/motel tax, payment in lieu of taxes, and other revenues received during FY17.
• Provide a contribution to the General Fund Balance in the amount of $1,500,000. The unassigned fund balance provides reserves to be used in the event of a financial emergency, including a natural disaster.
• Transfer $8,500,000 in additional revenues and saved expenses to the Capital Improvements Fund for the following purposes in FY18:
  • Wage adjustment reserve relating to the Pay/Class/Comp Study
  • Pay/class/comp study
  • Cultural Arts Center Construction Project
  • Montgomery Street Redirection Project
  • MPC amended agreement
  • Relocation of the Revenue Department from the Broughton Municipal Building
  • Payment of Debt Service related to the Fairgrounds property
  • IT/malware equipment recovery
  • Facility repairs and improvements
  • Rental of backhoe for the Cemeteries Division of the Real Estate Services Department
  • Relocation contingency
  • Early Childhood Program MOU Agreement Contingency

The Fiscal Year 2017 Budget was approved by the City Council on December 22, 2016. The second amendment to the budget was approved on August 31, 2017.  This amendment is the third and final FY17 Budget Amendment.

Approval