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City Council <br />Meeting Minutes <br />December 17, 2013 <br />Page 18 of 24 <br />1 Formally adopt adjustments to the current 2013 budget for items that staff did not <br />anticipate, or were not measureable, at the time Council adopted the original <br />2013 budget. Total adjustments = +$8,424,550. <br />2. Adjust the revenue budget for significant new revenue sources that staff did not <br />anticipate, or were not measureable, at the time Council adopted the original <br />2013 budget. Total revenue adjustments = +$8,355,000. <br />Adjustments to 2013 Appropriations are as follows: <br />051-111-56010-00 Principal — Notes ( +$8,290,000) <br />051-111-56060-00 Bond Issuance Costs ( +$65,000) <br />068- 110- 55410 -01 Motor Vehicle /Road Equipment ( +$69,550) <br />Changes to 2013 Revenue Budget: 051 - 001 - 47200 -00 Bond Proceeds ( +$8,355,000) <br />Two funds are affected by this amendment; the Water Utility Fund and the Fleet <br />Management Fund. The current fiscal impact to the Water Utility Fund is net - neutral and <br />the long -term fiscal impact is positive. The fiscal impact to the Fleet Management Fund <br />is to authorize $69,550 of additional expenditures. These additional expenditures will be <br />funded out of current reserves. Ending reserves at December 31, 2013, assuming <br />approval of this amendment, are projected to be approximately $340,000. <br />COUNCIL COMMENT <br />Council member Keany noted the Finance Committee reviewed this matter at their <br />meeting and approved the appropriation. <br />Council member Lipton asked if expenditure is the same as a spending authority. <br />Finance Director Water confirmed it is. It is a governmental term with a different <br />accounting definition. An appropriation is the actual authority to spend the money. <br />Mayor Muckle called for public comment and hearing none, closed the public hearing. <br />MOTION: Council member Keany moved to approve Resolution No. 70, Series 2013, <br />seconded by Council member Loo. Roll call vote was taken. The motion passed by a <br />vote of 7 -0. <br />ORDINANCE 1653, SERIES 2013 - AN ORDINANCE REPEALING AND <br />REENACTING CHAPTER 5.12 OF THE LOUISVILLE MUNICIPAL CODE <br />REGARDING CONTRACTOR'S LICENSES — 2" Reading — Public Hearing <br />Mayor Muckle requested a City Attorney introduction. <br />City Attorney Light read Ordinance No. 1653, Series 2013. <br />47 <br />