Title
Consideration of and action on an ordinance amending the Fiscal Year 2018-2019 Grants Fund Budget for the Wetlands Project.
Body
Summary:
Fiscal/Budgetary Impact: The Grants Fund budget for Fiscal Year 2018-2019 included $170,000.00 related to the Wetlands project. This project, constructed over a period of years, was partially funded by a $400,000.00 grant from the Texas Parks and Wildlife Department. In the prior fiscal year (2017-2018) the majority of the City’s share of these expenditures was recorded in the Series 2007 Bond Fund, which included an amount apportioned for Parks & Recreation facility improvements. In updating the reconciliation of this bond fund, it was discovered that the total expenditures for these facility improvements exceeded the available monies in the bond fund. The resulting account reclassification to record these expenditures in the Grant Fund resulted in a net variance of approximately $262,100.00 in the Grant Fund. A budget amendment in the amount of $262,100.00 is requested to appropriate the additional funds necessary to fully fund the Grant Fund for the fiscal year. This additional appropriation would be funded by the unassigned fund balance of the General Fund via an Intergovernmental Transfer on the revenue side.
Fiscal Budget Impact:
Increase the Fiscal Year 2018-2019 Grants Fund budget by the amount of $262,100.00 for the City’s share of the Wetlands project to be funded by an Intergovernmental Transfer using the unassigned fund balance of the General Fund, which is available for this purpose.
Recommended action
Approve the ordinance amending the Fiscal Year 2018-2019 Grants Fund Budget for the Wetlands Project.