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1 Ogden City Council Meeting: November 15, 2016 FY2017 BUDGET AMENDMENT ($290,200) – Revenue Miscellaneous Grant and Donations ($21,200) Retained Earnings ($269,000) --Appropriations Special Supplies - Projects ($21,200) Loan to Redevelopment Agency ($912,000) Return to Retained Earnings (-$643,000) Action: Set or Not Set Public Hearing for December 6, 2016 Executive Summary The Council will consider setting a public hearing on an Ordinance that authorizes budget amendments totaling $290,200. The budget amendment recognizes revenue from a Comcast grant ($21,200) and funds from the Sanitary Sewer Retained Earnings ($269,000) to partially fund a loan to the RDA. The budget amendment appropriates the grant funds to a special projects account for Make a Difference Day projects ($21,200) and transfers loan funds to the RDA for a future property purchase ($912,000). Background During the fiscal year, the Council entertains requests for budget adjustments to allow for the following: 1. Entering grant or other special purpose revenues into the budget prior to expenditure. 2. Making mid-course corrections to avoid budget overruns. 3. Forwarding encumbrances from the previous fiscal year. 4. Other items dealing with special circumstances or opportunities. The Uniform Fiscal Procedures Act for Utah Cities requires that a public hearing be held on all budget adjustments where the budget of one or more funds is increased. (Utah Code Ann. §10-6-127.) Notice of the public hearing must be given seven days prior to the hearing. (Utah Code Ann. §10-6-113.) For year- end adjustments, the hearing must be held before June 30. October 25, 2016 A transmittal outlining the Administration’s request for a budget adjustment was received in the Council offices. ---PAGE BREAK--- 2 Ogden City Council Meeting: November 15, 2016 November 15, 2016 The City Council will review the proposed budget amendment prior to the regular meeting. The Council will consider setting a public hearing on the proposed budget amendment for December 6, 2016. Proposal The proposal is to amend the FY2017 budget to provide for additional revenues in the amount of $290,200 not previously anticipated and to appropriate the additional funds for various expenditures. A summary of the Revenues and Appropriations is shown below: Summary of Revenues Notes Fund/ Source Amount Total General Fund Misc. Grants & Donations $ 21,200 From Comcast Sub-Total $ 21,200 Sanitary Sewer Fund Use of Retained Earnings $ 269,000 For RDA Loan Sub-Total $ 269,000 TOTAL $ 290,200 Summary of Appropriations Notes Fund/ Source Amount Total General Fund Special Supplies - Projects $ 21,200 Make A Difference Day Sub-Total $ 21,200 Sanitary Sewer Fund Loan to RDA $ 912,000 Loan to RDA Use of Retained Earnings $ (643,000) Reappropriation of Developer Loan Proceeds Sub-Total $ 269,000 TOTAL $ 290,200 The Administration anticipates that loan to the RDA to facilitate a future property purchase will be repaid with property sale proceeds. ---PAGE BREAK--- 3 Ogden City Council Meeting: November 15, 2016 Questions Please review the proposed budget amendment and highlight the revenues and expenditures. Council Staff Contact: Janene Eller-Smith, (801)629-8165 ---PAGE BREAK--- ---PAGE BREAK--- 2016-59 ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK---