AGENDA REPORT
DATE: February 12, 2024
TO: City Commission
FROM: Bill McDaniel, City Manager
SUBJECT: Budget Amendment for Fiscal Year 2023-24
EXECUTIVE SUMMARY:
The ARPA Fund has a balance available for spending in the current fiscal year and this adjustment provides for the appropriation within the fund.
The City received a $19,905,927 grant through the U.S. Treasury related to the American Rescue Plan Act (ARPA). Though fiscal year 2023, the City spent $758,911 and $5,654,691 in fiscal years 2022 and 2033, respectively. At fiscal yearend, $4,579,449 was obligated to open purchase orders. This budget adjustment brings forward the remaining unobligated balance of $8,912,876 to the Fiscal Year 2024 budget. This fund will be reviewed annually after the audit is complete to determine the remaining amount available to spend in fiscal year 2025.
The remaining funds are on target to be obligated by December 31, 2024.
RECOMMENDATION:
That the City Commission adopt a resolution to approve an amendment to the budget for the year ending September 30, 2024.
FISCAL IMPACT:
Based on approval, a budget adjustment will be posted with line-item detail as shown on the attached resolution.
Prepared by: Diane Reichard, Chief Financial Officer