Subject:
Title
Resolution supplementing the Fiscal Year 2022 Capital Budget for unanticipated fund balances in the STAR Center, Capital Projects, Airport Revenue & Operating, Solid Waste Renewal & Replacement, Water Renewal & Replacement, and Sewer Renewal & Replacement Funds.
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Recommended Action:
Recommended Action
Conduct a public hearing and adopt the attached resolution recognizing and appropriating unanticipated fund balance in STAR Center, Capital Projects, Airport Revenue & Operating, Solid Waste Renewal & Replacement, Water Renewal & Replacement, and Sewer Renewal & Replacement Funds in the Fiscal Year (FY) 2022 budget as outlined in the staff report.
• The resolution carries forward unanticipated lapsed appropriation into the FY22 Budget for projects that did not progress as anticipated in FY21 as follows: STAR Center Fund $637,000.00; Capital Projects Fund $31,133,500.00; Airport Revenue and Operating Fund $2,296,000.00; Solid Waste Renewal and Replacement Fund $3,192,000.00; Water Renewal and Replacement Fund $3,569,000.00; Sewer Renewal and Replacement Fund $7,590,000.00.
• 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 FY22 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 FY22 capital budget for projects that progressed ahead of schedule in FY21.
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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:
Summary
This attached resolution recognizes and appropriates unanticipated fund balance to provide sufficient budget in FY22 for multiple capital improvement projects and reduces the FY22 Budget for projects that exceeded estimated expenditures in FY21.
Body
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 FY22 actual beginning fund balances have exceeded the budget in the STAR Center, Capital Projects, Airport Revenue and Operating, Solid Waste Renewal and Replacement, Water Renewal and Replacement, and Sewer Renewal and Replacement Funds due principally to changes in project scheduling not anticipated during budget development. This resolution carries forward unanticipated lapsed appropriation into the FY22 Budget for projects that did not progress as anticipated in FY21 as follows: STAR Center Fund $637,000.00; Capital Projects Fund $31,133,500.00; Airport Revenue and Operating Fund $2,296,000.00; Solid Waste Renewal and Replacement Fund $3,192,000.00; Water Renewal and Replacement Fund $3,569,000.00; Sewer Renewal and Replacement Fund $7,590,000.00. This resolution also reduces the FY22 capital budget for projects that progressed ahead of schedule in FY21.
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 January 25, 2022 meeting. The attached resolution recognizes FY22 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 aggregate amount of $48,417,500.00 in the STAR Center, Capital Projects, Airport Revenue and Operating, Solid Waste Renewal and Replacement, Water Renewal and Replacement, and Sewer Renewal and Replacement Funds and increases the respective project cost center and budgets accordingly.
Staff Member Responsible:
Andrew Brown, Budget and Financial Management Analyst, Office of Management and Budget
Partners:
N/A
Attachments:
Resolution
Restatement Summary
Notice of Public Hearing
Balance Forward Calculations FY22
Combined Resolution Backup