Title
Approval of 2013 Year End Financial Review and Adoption of Ordinance Appropriating Fund Balance for Various Purposes
Recommended Action
Committee Recommendation:
Finance Committee recommends approval of the financial review and adoption of the attached appropriating ordinance.
Recommended Action
City Manager Recommendation:
Move to approve the 2013 Year End Financial Review; and adopt on second reading the ordinance appropriating Fund Balance for various purposes.
Report
Issue:
2013 Year-end financial review and appropriation ordinance.
Staff Contact:
Dean Walz, Finance Manager, 360.753.8465
Presenter(s):
Dean Walz, Finance Manager
Background and Analysis:
On April 1, the Council directed staff to make the following changes to the appropriation detail.
$ 88,880 |
Parking Special Account |
200,000 |
Information Technology |
325,000 |
PSE - LED light conversion |
500,000 |
Isthmus Park Project - Added |
836,300 |
Facilities major repair & maintenance - Reduced |
$ 1,950,180 |
|
April 1 proposed appropriation:
The City of Olympia ended 2013 with $1.1 million excess revenue compared to budget and expenses $1.2 million under budget. The Finance Committee recommends the appropriation of $1,950,180 for various purposes.
$ 88,880 |
Parking Special Account |
200,000 |
Information Technology |
325,000 |
PSE - LED light conversion |
1,336,300 |
Facilities major repair & maintenance |
$ 1,950,180 |
|
Neighborhood/Community Interests (if known):
N/A
Options:
1) Pass the ordinance on second reading as presented.
2) Pass the ordinance on second reading with different amounts. The ordinance would be changed as directed by Council for presentation on second reading.
3) Do not pass the ordinance.
Financial Impact:
$836,300 from the general fund balance will be appropriated to the Building Repair and Replacement Fund, $500,000 will be appropriated to the Isthmus Park project, and $325,000 will be appropriated for the Puget Sound Energy streetlight conversion project. $88,880 will be transferred to the parking special account and $200,000 to information technology.