Title
Consideration of and action on an ordinance to amend the Fiscal Year 2023-2024 Debt Service Fund Budget.
Body
Summary:
The Fiscal Year 2023-2024 Budget for the Debt Service Fund included estimated costs for the principal and interest payments for General Obligation Bond Series 2023 due to the sale of the bond occurring in October, a month after the budget was adopted. The actual cost of the principal and interest payments surpassed the estimated costs used in the budget by approximately $37,000.00. A budget amendment for $37,000.00 is requested to appropriate the additional funds necessary to fully fund the Debt Service Fund for the Fiscal Year. The additional appropriation would be funded by the unassigned fund balance of the Debt Service Fund.
Fiscal/Budgetary Impact:
Add $37,000.00 to the Fiscal Year 2023-2024 budget for the Debt Service Fund (Account No. 200-900-45280, Interest Payments), to be funded by the unassigned fund balance of the Debt Service Fund, which is available for this purpose.
Recommended action
Approve the ordinance to amend the Fiscal Year 2023-2024 Budget for the Debt Service Fund.