CC MEETING: December 6, 2022
DATE: November 28, 2022
TO: Erin Rinehart, City Manager
FROM: Melissa Everett, Finance Director
Chrystal Davis, Assistant City Manager
Title
Consider An Ordinance Amending The Operating Budget For Fiscal Year October 1, 2022, Through September 30, 2023.
Body
BACKGROUND:
The City of Carrollton annually allocates grant funding to various community partners to assist with organizational objectives and provide funding for special events. This allocation is typically completed during the budget process, where applications are submitted and reviewed by the Community Funding Committee. The Committee's recommendations are then brought to Council where a final decision is made. Council approved an additional $10,000 for funding during the FY2023 budget for any unplanned expenses.
The City was recently approached by the Korean Society of Dallas, who submitted an application through the special event funding program with a request of $25,000. This request was taken to the Community Funding Committee on November 22, 2022, who recommended allocating the requested amount to the Korean Society of Dallas. To provide the funds to the Korean Society of Dallas, the City will need to increase funds dedicated to special events by $15,000, to provide the needed $25,000. In order to increase the spending authority of the City, a Budget amendment must be passed to authorize the increased expenditure. After this budget amendment, the General Fund Balance will retain sufficient fund balance to continue to meet adopted financial standards.
FINANCIAL IMPLICATIONS:
This budget amendment will reflect the following changes:
* Decrease the General Fund balance by $15,000 with an increase to non-recurring uses of funds.
IMPACT ON COMMUNITY SUSTAINABILITY:
This amendment ensures that the City continues to serve its citizens by providing funding for community events with community partners.
STAFF RECOMMENDATION/ACTION DESIRED:
Staff recommends ...
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