CC MEETING: January 23, 2024
DATE: January 15, 2024
TO: Erin Rinehart, City Manager
FROM: Diana Vaughn, Chief Financial Officer
Chrystal Davis, Assistant City Manager
Title
Consider An Ordinance Amending The Operating And Capital Budget For Fiscal Year October 1, 2023, Through September 30, 2024.
Body
BACKGROUND:
The City of Carrollton approved its annual Operating and Capital Budget on September 12, 2023. The budget consists of $287,678,502 operating funds and $120,935,550 capital funds, each adopted independently of each other and requires council approval to make changes to the planned expenditures. To maintain proper financial reporting, staff is proposing a budget amendment that will transfer budget from one capital fund to another capital fund to ensure that the City provides funding for municipal purposes. This budget transfer will increase Parks Capital Fund to offset the increased construction costs of the Woodlake Pond Enhancements.
FINANCIAL IMPLICATIONS:
This budget amendment will make the following amendment:
1) In the General Facilities Capital Fund, decrease the fund balance by $1,700,000 by a one-time transfer to the Parks Capital Fund.
2) In the Parks Capital Fund, increase the sources of funds by $1,700,000 through a non-recurring transfer from the General Facilities Capital Fund.
3) In the Parks Capital Fund, increase the uses of funds by $1,700,000.
STAFF RECOMMENDATION/ACTION DESIRED:
Staff recommends adopting the attached Ordinance amending the City’s Approved Annual Capital and Operating Budget.