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Home My WebLink AboutORD 2018-75 - Year End Budget AmendmentsORDINANCE NO. OHO I qi ' -15 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, AMENDING THE 2018 ANNUAL BUDGET FOR YEAR-END OBLIGATIONS THAT WERE NOT KNOWN AT THE TIME THE BUDGET WAS ADOPTED, APPROPRIATING THE VARIOUS AMOUNTS THEREOF, AND REPEALING ALL ORDINANCES OR PARTS OF ORDINANCES IN CONFLICT THEREWITH. WHEREAS, the City had greater than anticipated costs in Fiscal Year 2018 in the Electric Fund, the Rivery TIRZ Fund, the Police Abandon Vehicle Fund, PEG Fees Fund, Debt Service Fund, Council Fund, General Fund, FEMA Special Revenue Fund; and WHEREAS, the resources to cover these costs is available in the Electric Fund, the Rivery TIRZ Fund, the Police Abandon Vehicle Fund, PEG Fees Fund, Debt Service Fund, Council Fund, General Capital Projects Fund, General Fund, FEMA Special Revenue Fund; and WHEREAS, the changes were unknown and unforeseeable at the time the fiscal year 2018 budget was approved; and WHEREAS, the City Charter allows for changes in the Annual Operating Plan by a Council majority plus one for municipal purposes and in emergency situations; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GEORGETOWN, TEXAS, THAT: SECTION 1 The facts and recitations contained in the preamble of this ordinance are hereby found and declared to be true and correct, and are incorporated by reference herein and expressly made a part hereof, as if copied verbatim. SECTION 2. The amendment to the 2018 Annual Budget of the revenues of the City of Georgetown and expenses of conducting the affairs thereof, is in all things adopted and approved as an addition to the previously approved budget of the current revenues and expenses as well as fixed charges against said City for the fiscal year beginning October 1, 2017, and ending September 30, 2018. A copy of the amendment is attached hereto as Exhibit "A" incorporated by reference herein. SECTION 3. The total of $27,737,997 is hereby appropriated for payments of expenditures and payments of the funds and included in the Exhibit "A". Ordinance Number a01 �J Description: Year End Budget Amendment Date Approved: December 11, 2018 Page 1 of 2 SECTION 4 All ordinances and resolutions, or parts of ordinances and resolutions, in conflict with this Ordinance are hereby repealed, and are no longer of any force and effect. This ordinance complies with the vision statement of the Georgetown 2030 Plan. SECTION 5. If any provision of this ordinance or application thereof to any person or circumstance, shall be held invalid, such invalidity shall not affect the other provisions, or application thereof, of this ordinance which can be given effect without the invalid provision or application, and to this end the provisions of this ordinance are hereby declared to be severable. SECTION 6_ The Mayor is hereby authorized to sign this ordinance and the City Secretary to attest. This ordinance shall become effective upon adoption of its second and final reading by the City Council of the City of Georgetown, Texas. PASSED AND APPROVED on First Reading on the 27th day of November, 2018. PASSED AND APPROVED on Second Reading on the 11th day of December, 2018. ATTEST: ��A. . "'g". Shelley No City Secretary APPR YAS T9 FORM: !i c a City Attorney Ordinance Number: Description: Year End Budget Amendment Date Approved: December 11, 2018 THE CITY OF GEO TOWN: — (2A'& By: Dale Ross Mayor Page 2 of 2 Exhibit A - Budget Amendment 2018 Approved Impact of This Budget Action/CAFR Ad'us nt Beginning and Balance 218,602 7 7 Revenues Original Revenues $ 549,337 $ total evenues Expenses Transfer for Debt Service - Original $ 588,068 $ Transfer for Debt Service - Handlinc Fees $ - $ 816 2018 Amended Budget 214,895 The debt service handling fees are $816 higher than budgeted. Staff recommending using available fund balance to cover the higher than 549.337 anticipated expenses. 588,068 816 2018 Approved Budget Impact of This Action 2018 Amended Budget Electric Fund Beginning Fund Balance Revenues Original Revenue $ $ 6,758,275 79,291,393 $ $ 6,758,275 $ 79,291,393 Electric expenditures exceed budget due to higher than projected purchase power costs. The net of purchased power and CRRs exceed budget by $11.6 million. The fund will require a year-end budget amendment Total Revenues $ 79 291,393 $ S 79,291 393 Expenses Original Expenses $ 38,184,792 $ Net Purchase Power $ 42,000,000 $ 11,657,283 $ 38,184,792 53.657,283 'Total Expenses $ 80,184,792 S 11 657,283 $ 91,842,075 Available Fund Balance $ 67,727 $ (1,245) S 66,482 Ending Fund Balance $ 5,864 876 S 11 657 283 $ L5,792,407) 90 Day Reserve $ 5.125,000 S (6_125.000) S Available Fund Balance $ 739,876 $ (6,532,283) $ (5,792,407) 2018 Approved Impact of This Budget Action/CAFR Ad'us nt Beginning and Balance 218,602 7 7 Revenues Original Revenues $ 549,337 $ total evenues Expenses Transfer for Debt Service - Original $ 588,068 $ Transfer for Debt Service - Handlinc Fees $ - $ 816 2018 Amended Budget 214,895 The debt service handling fees are $816 higher than budgeted. Staff recommending using available fund balance to cover the higher than 549.337 anticipated expenses. 588,068 816 2018 Approved Budget g Impact of This Action/CAFR Ad ustment 2018 Amended Budget g Police Abandon Vehicles Beginning Fund Balance Revenues Original Revenues S $ 58,894 24,000 $ $ $ 58,894 $ 24,000 The Police Abandon Vehicle fund overspent budget by $1,245 for the towing contract. Staff is recommending using available fund balance to cover the higher than budgeted expense. Total Revenues $ 24,000 S $ 24.800 Expenses Original Expenses $ 15.167 $ 1.245 $ 16.412 Total Expenses $ 15,167 $ 1,245 $ 16.412 Endin Fund Balance $ 67,727 $ (t9_45)_t__ $ 66,482 Available Fund Balance $ 67,727 $ (1,245) S 66,482 2018 Approved Budget Impact of This Action/CAFR Adjustment 2018 Amended Budget PEG Fees Beginning Fund Balance Revenues Original Revenues $ $ 302,414 140,500 $ (38,896) $ $ 61,820 $ 263,518 202,320 Please note following the year end CAFR process, the beginning fund balance of the fund was $38,896 less than originally projected in the budget process making the beginning fund balance $263,518 Staff is )recommending two adjustments to this fund. First recognize additional revenue earned in the fiscal year of $61,820. The second adjustment is to increase appropriations by $5,987 for the purchases of equipment irelating to GTV/Communications Total Revenues $ 140,500 $ 61,820 $ 202,320 Expenses Original Expenses $ 442,914 $ 5,987 $ 448,901 Total Expenses 5 442,9`14 $ 5,987 $ 448,901 16,621,744 14,921,758 Ending Fund Balance $ $ 16,937 $ 16.937 31,543r602 Contingency_S S Available Fund Balance $ - $ 16,937 $ 16,937 2018 Approved Budget Impact of This ActionlCAFR _Adjustment 2018 Amended Budget Debt $wylce Fund Beginning Fund Balance Revenues Original Revenues Refunding Revenue $ $ 2,032,898 16,641,744 $ (93,972) $ 15,073,458 $ 1,938,926 $ 16,641,744 $ 15,073,458 Please note following the year end CAFR process, the beginning fund balance of the fund was $93,972 less than originally projected in the budget process making the beginning fund balance $1,938,926. In the fall of 2017, on the advice of the City's financial advisor and the approval of Council, the City refinanced several GO and CO bonds. The refinance bonds saved the City over 1 3 million dollars. The proposed budget amendment seeks to recognize both the new bond proceeds and the costs of the refinancing debt. Total Revenues $ 16,641,744 $; 15.073,458 $ 31,715F2 Expenses Original Expenses $ 16,621,744 $ Refunding Ex enses $ 14,921,758 $ 16,621,744 14,921,758 Total Expenses S 16F621,744 5' 14 921 758 S 31,543r602 Contingency_S S Ending Fund Balance $ 2,052,898 $ 57,728 S 2,110,626 -Contingency 8 1,607 882 $ - $ 1,607,882 Available Fund Balance $ 445,016 $ 57,728 $ 502,744 2018 Approved Budget impact of This Action/CAFR Ad-ustment 2018 Amended Budget Council Fund Beginning Fund Balance Revenues Ori inal Revenues $ $ 285,808 1,190,580 $ S 285,808 5 1,190,580 The proposed amendment is to transfer funds from the Council fund to the General Capital Project to partially fund the City Center project (new City Hall and Council Chambers/ Muni Court). Total Revenues $ 1,190.5110 S 5 1 190,580 Expenses Original Expenses $ 250,000 $ 250,000 Transfer to GCP (City Center) $ 1.108.200 $ 1.108.200 Total Expenses S 250,000 $ 1,108,200 S 1,358 200 Ending Fund Balance S 1,226,388 $ (1,108,200) 118 188 Contingency_S S Available Fund Balance $ 1,226,388 $ (1,108.200) $ 118,188 Total Change in Appropriation $ 27,737,997 2018 Approved Budget Impact of This Action/CAFR Adjustment 2018 Amended Budget General Ca ital Projects Beginning Fund Balance Revenues Original Revenues Transfer in from Council $ $ 17,619,758 43,217,914 $ S $ (1,108,200) $ $ 1,108.200 $ 17,619,758 42,109,714 1,108,200 The proposed amendment is to transfer funds from the Council fund to the General Capital Project to partial fund the City Center project (new City Hall and Council Chambers/ Muni Court) There is no adjustment to the expenses Staff is recommending to reduce the budgeted revenue from the sale of the buildings by 1,108,200 and increase the transfer in from the Council fund by the same amount. Total Revenues $; 43 217.914 $ - $ 43,217,914 Expenses Original Expenses $ 59,586,498 $ 59,586,498 Total Expenses 5 59,586,498 $ $ 59,586,498 Beginning Fund Balance $ Ending Fund Balance $' 1 251 174 S $ 1,251,774 $ 12,405,718 There are two proposed amendments in the general fund. First, a TIA Reserve $' 153,327 S $ 153,327 Revenues Available Fund Balance $ 1,097,847 $ $ 1,097,847 Total Change in Appropriation $ 27,737,997 2018 Approved Impact of This 2018 Amended Budget Budget g Action/CAFR Budget Adiustment Adjustment Beginning Fund Balance General Fund Beginning Fund Balance $ 12,405,718 $ $ 12,405,718 There are two proposed amendments in the general fund. First, a staff has been in talks with FEMA relating to a reimbursement from Revenues transfer from the general fund to the FEMA special revenue fund for Revenues Original Revenues $ $ an uncollectable accounts receivable. The second amendment is a Original Revenues $ 62,614,665 S $ 62,614,665 transfer from Fire to Police to cover overages in the division related to Blue Hole patrol overtime Total Revenues S 62.614.665 S S 62.614.665 Expenses Original Expenses $ 65,295,298 $ 65,295,298 general fund is needed Transfer Out to FEMA Fund $ 42,708 $ 42,708 Uncollectable Reimbursement Fire Division 5 42,708 $ 42,708 $ (88,914) $ (68,914) 42,708 Police Division Ending Fund Balance $ $ - 5 $ 46,206 $ 46,206 Total Expenses $ 65,295,298 S $ 65,295,298 Ending Fund Balance S 9,725,085 $ 5; 9,725,085 Economic Stability Reserve $ 1,225,000 5 $ 11,225,000 Contingency $ 8,500.000 $ S' 8,500000 Available Fund Balance S 85 $ $ 85 Total Change in Appropriation $ 27,737,997 2018 Approved Impact This 2018 Amended Budget Action/CAFR Budget Adiustment FEMA SRF Beginning Fund Balance S 5 S FEMA Spy --tial Revenue Fund: For the past few years, the accounting staff has been in talks with FEMA relating to a reimbursement from Revenues FY2015. Essentially, there has been a uncollected receivable sitting Original Revenues $ $ on the books of Fund 261 — FEMA SRF as staff has been working with Transfer in from General Fund $ 42.708 S 42,706 FEMA. FEMA has made their finally decision and the 42,708 receivable booked years ago will not occur Therefore, to close this fund and clear the accounts receivable, a transfer of $42,708 from the Total Revenues S 5 42,708 S 42,708 Expenses general fund is needed Original Expenses $ - Uncollectable Reimbursement 5 42,708 $ 42,708 Total Expenses S $ 42,708 $ 42,708 Ending Fund Balance $ $ - 5 Available Fund Balance $ $ 5 Total Change in Appropriation $ 27,737,997