AGENDA REPORT
DATE: November 25, 2024
TO: City Commission
FROM: Bill McDaniel, City Manager
SUBJECT: Budget Amendment for Fiscal Year 2024-25
EXECUTIVE SUMMARY:
This budget adjustment appropriates $1,741,145 as an interfund transfer from the General Fund to the CRA fund for the City’s tax increment financing payment amount. The revenue to the CRA fund was included in the budget. This appropriation adjustment will come from the excess budgeted amount of $529,238 in the fiscal year 2025 contingency account, $320,000 from savings due to positions that have not been filled, and $891,907 related to an increase in projected revenue.
RECOMMENDATION:
That the City Commission adopt a resolution to approve an amendment to the budget for the year ending September 30, 2025, 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