Title:
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Approve and authorize the Chairman to execute the FY 2025/26 Midyear Budget Amendment Resolution (BAR) 26-028 in the amount of $61,854,398.04 to adjust FY26 countywide beginning fund balances to match FY25 audited ending fund balances. Countywide (Timothy Jecks, Management & Budget Director)
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Division:
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Management and Budget
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Authorized By:
Timothy Jecks, Management & Budget Director
Contact/Phone Number:
Sara Carrick/407-665-7180
Background:
As part of the County's annual financial management process, a midyear budget amendment is submitted to true-up the beginning fund balance figures to match the final ending fund balances from the prior year. See attached summary report for all adjustments.
FUND BALANCE ADJUSTMENTS ($35M):
The primary purpose of this amendment is to increase current FY26 Countywide Beginning Fund Balances to match the audited ending fund balances from the prior FY25. Adjustments include the General Fund, Sales Tax Fund, Tourism Fund, Water & Sewer Fund, and Solid Waste Fund. The primary cause for these adjustments includes Countywide interest revenue actuals being higher than budgeted, personnel vacancy lapses, and anticipated accounting within the Water & Sewer Capital Fund.
RESERVES ($25.7M):
This amendment will increase countywide reserves by $25.7M, including $6.7M in the 2014 Infrastructure Sales Tax Fund; $5.8M in Water & Sewer Operating Fund and $13.2M in other Countywide Funds.
OTHER MIDYEAR ADJUSTMENTS:
This amendment includes $23M in interfund transfers between County Subfunds; $3.8M in adjustments to grant agreements; $1M in personnel budget updates in the Fire Fund, and $3M increase in Countywide health insurance claims.
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute the FY 2025/26 Midyear Budget Amendment Resolution (BAR) 26-028 in the amount of $61,854,398.04 to adjust FY26 countywide beginning fund balances to match FY25 audited ending fund balances.