CITY COMMISSION AGENDA ITEM

Department:

Finance Department

Commission Meeting Date: August 1, 2017

Staff Contact:

Bryan Kidney, Finance Director

Recommendations/Options/Action Requested:

Conduct public hearing for the 2017 amended budget and consider adopting on first reading, Ordinance No. 9388, increasing the 2017 expenditure authority, if appropriate.

Executive Summary:

Pursuant to action taken by the City Commission at its July 11, 2017 meeting, notice of public hearing to be conducted on August 1, 2017 was published on July 14, 2017 in the Lawrence Journal World. The purpose of the public hearing is to receive and respond to questions of citizens related to the 2017 amended budget.

The 2017 budget amendment increases the 2017 expenditure authority by $1,078,025 in order to use prior year fund balance. These increases are due to unforeseen expenditures that were not included in the 2017 budget. 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

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:

Ordinance No. 9388

Certificate of 2017 Budget Amendment

Reviewed By: (for CMO use only)

☐TM ☒DS ☐CT ☐BM