Title
Consider and take action on an ordinance amending the City of League City, Texas, Governmental, Proprietary, and Capital Funds Budget for Fiscal Year 2016 by amending Ordinance No. 2015-34, 2016-10, 2016-11, 2016-15 and 2016-33 to adjust the operating budget for actual and projected expenditures (Assistant City Manager)
Staff requests first and final reading.
Background:
The proposed ordinance requests adjustments to the following funds: General Fund with zero net increase; General Debt Service Fund with $765,117 net increase; Utility Fund with $390,950 net decrease; Utility Debt Service Fund with $688,326 net increase; and increase the appropriation to Wastewater Capital Recovery Fees Fund 024 in the amount of $390,950.
If approved, the proposed ordinance would amend the City’s FY 2016 budget to incorporate proposed adjustments for:
· Personnel Related Items:
o $18,110 is requested to be reallocated from the Economic Development budget to the City Secretary Department of $9,131 and to the Communications Department of $ 8,979 to fund additional personnel expenses related to full staffing the entire fiscal year.
o $17,520 is requested to be reallocated from the Engineering budget to the Facilities Maintenance Department to fund additional overtime expenses related to the renovation of 500 W Walker.
· Bond Refunding Items:
o $765,117 is requested for the General Debt Service Fund for bond issuance cost and interest expense related to the 2016 CO issue along with the 2016 and 2016A refunding.
o $688,326 is requested for the Utility Debt Service Fund for bond issuance cost and interest expense related to the 2016 CO issue along with the 2016 and 2016A refunding.
· Transfer to Utility Fund Debt Service: $390,950 is requested to be funded from the Wastewater Capital Recovery Fee Fund for a portion of the debt service payment related to projects that qualify for CRF funding. This would decrease by the same amount the transfer of funds from the Utility Fun...
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