Title
Budget Update and Fund Transfer
Recommended Action
Move to approve a budget amendment to transfer remaining fund balance to the PBIA budget.
Report
Issue:
The 2025 PBIA budget does not include the full fund balance. A budget amendment is required to transfer all remaining funds to the budget for allocation.
Staff Contact:
Jennica Machado, Economic Development Director, Community Planning & Economic Development, jmachado@ci.olympia.wa.us <mailto:jmachado@ci.olympia.wa.us>, 360.753.8591
Presenter(s):
Jennica Machado, Economic Development Director, Community Planning & Economic Development, jmachado@ci.olympia.wa.us <mailto:jmachado@ci.olympia.wa.us>, 360.753.8591
Background and Analysis:
During the last meeting, PBIA members requested additional information regarding funds available for allocation. The remaining budget figure differs from the remaining fund balance. A budget amendment is required to transfer remaining fund balance into the budget for spend down this year. Next step is for PBIA members to decide how to allocate
Climate Analysis:
N/A
Equity Analysis:
N/A
Neighborhood/Community Interests (if known):
Given that the PBIA’s budget is funded by contributions from members of the business community, it is both reasonable and important that these stakeholders are informed about how the funds will be allocated. And how those expenditures will directly benefit those who have supported the Board financially in past years.
Options:
N/A
Financial Impact:
No impact at this time but future action will spend down the remaining PBIA fund balance