City Council Agenda and Packet 2015 05 19

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City Council Meeting Minutes May 5, 2015 Page 18 of 33 COUNCIL DIRECTION: There was Council support for the city -wide marginal cost fiscal model. RESOLUTION No. 27, SERIES 2015 — A RESOLUTION AMENDING THE 2015 BUDGET BY AMENDING APPROPRIATIONS IN THE GENERAL FUND, URBAN REVITALIZATION DISTRICT FUND, OPEN SPACE & PARKS FUND, CONSERVATION TRUST — LOTTERY FUND, CEMETERY FUND, HISTORIC PRESERVATION FUND, CAPITAL PROJECTS FUND, WATER UTILITY FUND, WASTEWATER UTILITY FUND, STORMWATER UTILITY FUND, GOLF COURSE, AND FLEET MANAGEMENT FUND FOR CARRY FORWARD OF APPROPRIATIONS AND ADDITIONAL APPROPRIATIONS WITH SUCH FUNDS AND ADJUSTING BUDGETED REVENUE IN THE GENERAL FUND, URBAN REVITALIZATION DISTRICT FUND, OPEN SPACE & PARKS FUND, HISTORIC PRESERVATION FUND, CAPITAL PROJECTS FUND, IMPACT FEE FUND, WASTEWATER UTILITY FUND, STORMWATER UTILITY FUND, GOLF COURSE FUND, AND DEBT SERVICE FUND — PUBLIC HEARING Mayor Muckle opened the public hearing and requested a staff presentation. Finance Director Watson stated Resolution No. 27, Series 2015 proposes a series of amendments to the City's 2015 Operating & Capital Budget. Staff requests these proposed amendments to: 1. Carry - forward unused appropriations from 2014 to 2015 for projects Council approved for 2014 but, for various reasons, staff needed to extend work on the project or purchase into 2015. In other words, staff asks for the unspent budgets for projects not completed, or equipment not purchased, in 2014 to be added to the current 2015 budget. Total carry - forward = +$10,796,890. 2. Formally adopt other adjustments to the 2015 expenditure budget. These adjustments are for items staff did not anticipate, or were not measureable, at the time Council adopted the original 2015 budget in November of 2014. Staff has previously discussed many of these items with the Council, but they have not been formally incorporated into the City's 2015 expenditure budget. Total other adjustments = +$23,906,740. 3. Formally adjust the revenue budget to new revenue estimates or for new revenue sources staff did not anticipate, or were not measureable, at the time Council adopted the original 2015 budget in November 2014. Total revenue adjustments = +$22,588,640. Fiscal Impact: The Finance Department updated revenue, expenditures and fund balance estimates for all funds based on the proposed budget adjustments in the resolution. The total City -wide reserves are projected to be reduced by $15.5 Million in 2015. However, all funds are projected to retain adequate levels of fund balance. The Finance Committee approved the proposed amendments and indicated their approval. 49