CC MEETING: April 21, 2020
DATE: April 15, 2020
TO: Erin Rinehart, City Manager
FROM: Diana Vaughn, Finance Director
Title
Consider An Ordinance Authorizing The City Manager To Amend The Operating And Capital Budget For The Fiscal Year October 1, 2019 Through September 30, 2020.
Body
BACKGROUND:
The City Council approved the Operating and Capital Budget for Fiscal Year 2020 on September 17, 2019 which includes funds and related budget supporting Indian Creek Golf Course (ICGC). In 2018 staff proposed that the City consider entering a new contract, however after consideration by council, in December 2018 the city moved to a management fee structure which continued through March 2020. The contract was scheduled to return to the revenue share model beginning in April 2020. Since ICGC is closed, due to the Coronavirus, staff is proposing to extend the management fee structure agreement for two additional months.
Since the budget adoption, the City has experienced a national health emergency as a result of the spread of the Coronavirus, which has including shutting down city facilities, including ICGC. In order to maintain the City’s capital investment in the golf course and fund the management contract, the City would need to amend the current Operating and Capital Budget for Fiscal Year 2020 by $316,644.00
FINANCIAL IMPLICATIONS:
Amend the Fiscal Year 2020 Operating and Capital Budget as follows:
In the General Fund, decrease the budgeted contingency funds by $316,644.00 with a non-recurring transfer to the Golf Course Operating Fund.
In the Golf Course Operating Fund, increase non-recurring “one-time” sources of funds by $316,644 to account for the transfer from the General Fund contingencies.
STAFF RECOMMENDATION/ACTION DESIRED:
Staff desires the City Council to pass the attached ordinance authorizing an amendment to the Fiscal Year 2020 Operating and Capital Budget.