AGENDA REPORT
DATE: May 28, 2024
TO: City Commission
FROM: Bill McDaniel, City Manager
SUBJECT: Budget Amendment for Fiscal Year 2023-24
EXECUTIVE SUMMARY:
This budget adjustment:
1. Transfers $5,000,000 from the Water/Sewer Operating Fund to the Water/Sewer R&R Fund and records the revenue source from the Florida Department of Environmental Protection Agency as the State legislative appropriation. All expenses will be charged upfront to the Water/Sewer R&R Fund and project expense. The grant is reimbursable based on proof of expenses. As the State approves the payment requests, the funds will be deposited in the Water/Sewer Operating Fund.
2. Increase the funding for water meters by $900,000 due to customer growth. Additional revenue has been generated to pay for this increase.
RECOMMENDATION:
That the City Commission adopt a resolution to approve an amendment to the budget for the year ending September 30, 2024, which provides for the above adjustment.
FISCAL IMPACT:
Details related to these items are listed on the attached resolution.
Prepared by: Diane Reichard, Chief Financial Officer