Title
2021 Year-End Funding Recommendation
Recommended Action
Committee Recommendation:
The Finance Committee recommends moving to direct staff to include the proposed 2021 year-end General Fund funding list for appropriation in an upcoming budget amendment Ordinance.
City Manager Recommendation:
Move to direct staff to include the proposed 2021 year-end General Fund funding list for appropriation in an upcoming budget amendment Ordinance.
Report
Issue:
Whether to review and approve the proposed 2021 year-end General Fund funding list for appropriation in 2022.
Staff Contact:
Aaron BeMiller, Finance Director, 360.753.8465
Presenter(s):
Jay Burney, City Manager
Aaron BeMiller, Finance Director
Background and Analysis:
After analysis of our General Fund financial position for the year ending December 31, 2021, the General Fund has a fund balance which is roughly $10.2 million over policy requirements. City policy requires that fund balance be used for one-time items and the attached list meets that requirement. Further, the attached list addresses items that will reduce future liabilities of the City, provides funding for necessary maintenance needs, and delivers needed support to City funds.
The proposed list uses $7.5 million of the available $10.2 million. Roughly $2.7 million is being held aside in fund balance to provide funding to help address the City’s General Fund bow wave as discussed during the 2022 budget process. The list was brought before the Finance Committee at their April 20, 2022, meeting and was approved after discussion and with the inclusion of $190K for one-time funding in 2022 for climate policy and legal support.
Neighborhood/Community Interests (if known):
This topic may be of interest to community members as it pertains to the City of Olympia budget and how the City plans to spend its valuable resources.
Options:
1. Move to direct staff to include the proposed 2021 year-end General Fund list for appropriation in an upcoming budget amendment Ordinance.
2. Modify the proposed 2021 year-end General Fund list for appropriate and move to direct staff to include the proposed list, as amended, for appropriation in an upcoming budget amendment Ordinance.
3. Direct staff to return to a future meeting with additional options and/or recommendations related to the appropriation of these funds.
4. Do not use year-end funds for 2022 appropriations and retain the funds in the General Fund balance.
Financial Impact:
Action would appropriate $7.5 million of available fund balance for one-time funding in 2022.
Attachments:
2021 Year-End General Fund List