Background:
Adjusts the FY 2004-05 budget for unforeseen events including
|
A. |
Unanticipated additional intergovernmental revenue of $156,000 and
corresponding expense for airport improvements funded at 95% from a federal
grant. |
|
B. |
Additional appropriation level of $200,000 for the T-Hanger project approved
and financed in FY 2003-04 but not completed until this year. |
|
C. |
Additional appropriations to the Telecommunications Fund recognizing
bond proceeds in excess of the budgeted amount and related bond issue costs. |
|
D. |
An inter-fund loan of $200,000 from the Water Fund to the Airport Fund
to provide sufficient appropriations and interim cash flow while awaiting
reimbursement for federally funded work whose expenditures are "up fronted"
by the City. |
There are three ways in which to change appropriations after the Budget is
adopted.
|
1. |
A transfer of appropriations decreases an appropriation and increases
another. This is the simplest budget change allowed under Oregon Budget law.
This does not increase the overall budget. This is approved by a City council
resolution. |
|
2. |
A supplemental budget of less than 10 percent of total appropriations
within an individual fund follows a process similar to the transfer of
appropriations. |
|
3. |
A supplemental budget in excess of 10 percent of total appropriations
requires a longer process. This process includes a notice in the paper and
a public hearing. |
The third type of budget change is necessary and has been duly advertised
and noticed. Attached is a resolution for your approval. The recommended
changes in the budget are explained after each request.
The repayment of the loan will be made with interest calculated at the higher
rate recorded for the Local Government Investment Pool on the date of borrowing
or as of the date repaid. This is consistent with the City's previous borrowing
terms.
Attached is the notice
published in the local paper on December 28, 2004. |
