AGENDA REPORT
DATE: August 26, 2024
TO: City Commission
FROM: Bill McDaniel, City Manager
SUBJECT: Budget Amendment for Fiscal Year 2023-24
EXECUTIVE SUMMARY:
This budget adjustment appropriates $400,000 from the Police Impact Fee Fund to be used for debt service. Community Investment Tax (CIT) was pledged to the bond issue for the Michael S. Sparkman Police Building. At the time of the bond issue in 2012, the City Manager stated that police impact fees would be used to pay part of the debt service thereby freeing up CIT funds for other uses. The debt will be retired in September 2024.
Upon approval, $400,000 will be transferred to the CIT Fund to reimburse the fund.
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 adjustments.
FISCAL IMPACT:
Funding for these items is listed on the attached resolution.
Prepared by: Diane Reichard, Chief Financial Officer