Subject:
Title
Resolution supplementing the Fiscal Year (FY) 2019 Budget for unanticipated fund balances in the Surface Water Utility, Capital Projects, Airport Revenue and Operating, and Solid Waste Renewal and Replacement Funds.
label
Recommended Action:
Recommended Action
Conduct a public hearing and adopt the attached resolution recognizing and appropriating unanticipated fund balance in Surface Water Utility, Capital Projects, Airport Revenue and Operating, and Solid Waste Renewal and Replacement Funds in the FY19 budget as outlined in the staff report.
• The resolution carries forward unanticipated lapsed appropriation into the FY19 Budget for projects that did not progress as anticipated in FY18 as follows: Surface Water Utility Fund $700,000.00; Capital Projects Fund $12,907,620.00; Airport Revenue and Operating Fund $4,928,890.00; Solid Waste Renewal and Replacement Fund $15,969,420.00.
• Generally, unanticipated fund balances result when actual expenditures are less than those estimated during the budget development process and/or revenues exceed those anticipated. The FY19 actual beginning fund balances have exceeded the budget in the funds identified due principally to changes in project scheduling not anticipated during budget development.
• The resolution also reduces the FY19 Capital Budget for projects which progressed ahead of schedule in FY18.
Body
Strategic Plan:
Deliver First Class Services to the Public and Our Customers
5.2 Be responsible stewards of the public’s resources
5.3 Ensure effective and efficient delivery of county services and support
Summary:
This attached resolution recognizes and appropriates unanticipated fund balance to provide sufficient budget in FY19 for multiple capital improvement projects and reduces the FY19 Budget for projects that exceeded estimated expenditures in FY18.
Background Information:
Generally, unanticipated fund balances result when actual expenditures are less than those estimated during the budget development process and/or revenues exceed those anticipated. The FY19 actual beginning fund balances have exceeded the budget in the Surface Water Utility Fund, the Capital Projects Fund, the Airport Revenue and Operating Fund, and the Solid Waste Renewal and Replacement Fund due principally to changes in project scheduling not anticipated during budget development. This resolution carries forward unanticipated lapsed appropriation into the FY19 Budget for projects that did not progress as anticipated in FY18 as follows: Surface Water Utility Fund $700,000.00; Capital Projects Fund $12,907,620.00; Airport Revenue and Operating Fund $4,928,890.00; Solid Waste Renewal and Replacement Fund $15,969,420.00. This resolution also reduces the FY19 Capital Budget to account for projects that progressed ahead of schedule in FY18.
In accordance with Section 129.06(2)(f), Florida Statutes, if the source of unanticipated receipts is not specifically associated with a particular purpose such as grants, donations or reimbursements, this budgetary action requires a public hearing. The public hearing was advertised in advance of the February 05, 2019 meeting. The attached resolution recognizes FY19 unanticipated beginning fund balance within the various funds identified and increases appropriation accordingly.
Fiscal Impact:
Approval of this resolution recognizes unanticipated beginning fund balance in the amount of $34,505,930.00 in the Surface Water Utility, Capital Projects, Airport Revenue and Operating, Solid Waste Renewal and Replacement Funds and increases the respective project cost center budgets accordingly.
Staff Member Responsible:
Andrew Brown, Budget and Financial Management Analyst, Office of Management and Budget
Partners:
N/A
Attachments:
Resolution
Restatement Summary FY19
Notice of Public Hearing