DEPARTMENT: Office of Management and Budget
DEPARTMENT HEAD: Scott Huizenga
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
FY 2021 Mid-Year Budget Adjustment
SUMMARY:
A mid-year budget adjustment is recommended to the FY 2021 Adopted Operating and Capital Budget that will result in a revised budget based on actual revenues and expenditures for the first six months of the fiscal year (October to March) and projections for the remaining six months of the fiscal year (April to September) in the General Fund and various Restricted Funds. This ordinance also authorizes delegate agency contracts funded from the FY 2021 Delegate Agency Budget and authorizes a contract of up to $100,000 with PFM Group Consulting, LLC for services related to the American Rescue Plan.
BACKGROUND INFORMATION:
As part of the City's financial management practices, the City Manager recommends a Mid-Year Budget Adjustment for City Council consideration annually. This Adjustment aligns revenues and expenses based on actual activity for the first six months of the fiscal year (October to March) and updated projections for the remaining six months of the fiscal year (April to September). The result of this adjustment is a revised Budget for the Fiscal Year.
On September 17, 2020, the City Council adopted a balanced budget for the City's fiscal year 2021 that began October 1, 2020. As part of the City's financial management practices, City staff meets with the City Manager on a monthly basis to review the financial performance of the City and on a quarterly basis, a report is provided to the City Council. Quarterly financial reports are prepared and presented to the City Council.
The FY 2021 Six Plus Six Financial Report was presented to the City Council at the May 12th "B" Session. At this presentation the City Council was provided with a briefing and recommended Mid-Year Budget Adjustments:
* Recommended adjustments to FY 2021 General Fund and Restricted Funds reflecting actua...
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