CITY COMMISSION AGENDA ITEM

Department:

Finance

Commission Meeting Date:  July 11, 2017

Staff Contact:

Bryan Kidney, Finance Director

Recommendations/Options/Action Requested:

Authorize publication of the 2017 amended budget summary and establish August 1, 2017 as the public hearing date, if appropriate.

Executive Summary:

Under K.S.A 79-2929a, municipalities are authorized to amend one or more budgeted funds; the purpose of which is to increase the fund’s expenditure authority. For this to occur a public hearing must be held and notice of the public hearing must be given at least 10 days prior to the hearing.

The attached notice sets the public hearing date of August 1, 2017 and establishes the proposed amended expenditures. The proposed amended expenditures are listed in the chart below.

	2017			2017 Proposed Amended Expenditures
	Adopted Budget
	Actual Tax Rate	Amount of Tax  that was Levied	Expenditures
Fund
Library	4.039	3,752,018	4,033,737	4,131,000
Airport			121,289	170,000
City Parks Memorial			23,502	38,000
Housing Trust			300,154	380,000
TDD/TIF/NRA			1,851,293	2,689,000

The aforementioned funds have additional unforeseen expenditures that were not included in the 2017 adopted budget. These expenditures are being funded through additional fund balance that exceeds the fund balance included in the 2017 adopted budget.

· Public Library fund balance is a carry forward that will be distributed to the library in 2017.

· Airport Fund and City Parks Memorial Fund had expenditures that were budgeted for 2016 that will be made in 2017.

· Housing Trust Fund is using additional fund balance to finance part of a housing study.

· The TDD/TIF/NRA funds have additional fund balance due to the Oread TDD-TIF. Funds had been held in anticipation of a settlement. Funds have now been distributed accordingly.

Strategic Plan Critical Success Factor

Effective Governance/Professional Administration

Innovative Infrastructure and Asset Management

Core Services

Sound Fiscal Stewardship

Fiscal Impact (Amount/Source):

The 2017 budget amendment will increase the 2017 expenditure authority by $1,078,025 in order to use prior year fund balances. There are no tax or fee increases.

Attachments:

Notice of Public Hearing

Reviewed By: (for CMO use only)

☐TM ☐DS ☒CT ☐BM