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BAR 24-042; Approve and authorize the Chairman to execute the FY 2023/24 Mid-Year Budget Amendment Resolution (BAR) adjusting countywide fund balances and associated revenues in the amount of $52,231,533.14. 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.
FUND BALANCE ADJUSTMENTS: The primary purpose of this amendment is to increase Countywide Fund Balances and revenue budgets by $52.2M to reflect the actual available ending fund balance by fund for the fiscal year ending September 30, 2023. This amount represents 3.2% of the total County Budget.
RESERVE ADJUSTMENTS: This amendment will increase countywide reserves by $51.8 and fund contingencies by another $3.1M. A detailed report of current and amended reserves/contingencies is attached.
MIDYEAR EXPENDITURE ADJUSTMENTS:
Operating/Capital Adjustments -
• Building Technology Upgrades in the amount of $1M needed to consolidate existing software programs utilized by customers and staff.
• Carryforward True-up adjustments to project budgets where too much funding was carried forward due to actuals posting in the prior year after project carryforward went to the Board.
• Grant adjustments - budget adjustments for the American Rescue Plan Act (ARPA) and emergency management grants.
• Transfers - transfer adjustments to various funds. Reducing the transfer from Water & Sewer Operations Fund to the Water & Sewer Capital Fund by $4.9M.
EXPLANATION OF MAJOR FUND BALANCE ADJUSTMENTS:
General Funds - a total fund balance adjustment of $3.3M due to operational savings covered by ARPA funding.
Transportation Funds - a total fund balance adjustment of $3.6M due to personnel and operating savings.
Fire Protection Fund - a total fund balance adjustment of ($3.4M). A decrease in fund balance due to the additional funding of fire stations established at project carryforward.
Sales Tax Funds - a total fund balance adjustment of $7M primarily due to additional interest revenue received in the fund.
Water & Sewer Funds - a total fund balance adjustment of $13.4M due to additional utility revenues and interest received and personnel and operating savings.
Solid Waste Operating Fund - a total fund balance adjustment of $3.9M due to additional solid waste revenue and interest received.
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute the FY 2023/24 Mid-Year Budget Amendment Resolution (BAR) 24-042 adjusting Countywide fund balances and associated revenues in the amount of $52,231,533.14.