Title
Consideration of and action on an ordinance to amend the Fiscal Year 2024-2025 Asset Replacement Fund Budget for the IT Services Department.
Body
Summary:
The Fiscal Year 2024-2025 Budget had $422,440.00 in total funds budgeted for the WAN Refresh project. Capital expenditures were allocated to the Asset Replacement Fund and non-capital expenditures to the General Fund. During the FY 2024-2025 budget process, labor was allocated to the General Fund as a non-capital expenditure when this expense should have been allocated to the Asset Replacement Fund as labor is to be capitalized with the asset. Due to this, a larger portion of the WAN Refresh expenditures were allocated to the Asset Replacement Fund, causing the department to exceed its budget allocation by $49,758.13. As a result, it is necessary to amend the Fiscal Year 2024-2025 Asset Replacement Fund budget by $50,000.00 to fully fund the capital expenditures related to the WAN Refresh project. The funding for the amendment to the budget will be from the unassigned fund balance of the Asset Replacement Fund, which is available for this purpose.
Fiscal/Budgetary Impact:
Add $50,000.00 to the Asset Replacement Fund budget for the IT Services Department (091-200-49040, Machinery and Equipment) to be funded by the unassigned fund balance of the Asset Replacement Fund (091-200-36410), which is available for this purpose.
Recommended action
Approve the ordinance to amend the Fiscal Year 2024-2025 Asset Replacement Fund Budget for the IT Services Department.