5.8. SR 12-17-2001 - Laserfiche WebLink

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City ~ RAver MEMORANDUM TO: FROM: Mayor and City Council Lori Johnson, Finance Director DATE: December 17, 2001 SUBJECT: Consider 2001 Budget Amendments Item 5.8. Attached for your review and consideration are the proposed 2001 budget amendments. Budget amendments are made each year to recognize significant deviations from the original budget, to incorporate additional expenditures approved by the Council during the year, and to allocate the cost of living and benefit adjustments from the contingency fund to the various departments. These budget amendments are not intended to reflect the actual year-end revenues and expenditures nor are they an attempt to estimate the year-end fund balance. Unfortunately, it is impossible to accurately estimate the year-end fund balance at this time, mainly because some of the city's revenues, such as gravel tax, are based on factors out of the city's control, and we have no information on which to base an estimate. Based on year to date activity, General Fund revenues will exceed expenditures in 2001. Building permit and planning related revenues have far exceeded budgeted levels while expenditures, with the exception of additional items approved by the Council, generally appear to be in line with the original budget. The Council approved several large expenditures in 2001 including the first payment for the small theater, completion of the GIS project, and a roadside mower. These three budget additions alone total $222,600. Even with these added expenditures, there will be some growth in the fund balance. A brief explanation of most of the budget amendments is included on the attached detail. There are no new expenditures proposed - the Council has discussed most of the expenditure amendments at some point during the year. Several of the amendments, like the transfer for the purchase of the optical scanning system, were discussed and approved during the 2002 budget discussions. Again this year, the transfer from the General Fund to the Ice Arena Fund to fund the operating deficit will be based on the actual operating deficit for 2001. Action Requested The Council as asked to consider the 2001 budget amendments as proposed.