Subject:
Title
Resolution supplementing the Fiscal Year 2021 Budget for unanticipated fund balances in the STAR Center, Surface Water Utility, Capital Projects, Solid Waste Renewal and Replacement, and Water Renewal and 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, Surface Water Utility, Capital Projects, Solid Waste Renewal and Replacement, and Water Renewal and Replacement Funds in the Fiscal Year (FY) 2021 budget as outlined in the staff report.
• The resolution carries forward unanticipated lapsed appropriation into the FY21 Budget for projects that did not progress as anticipated in FY20 as follows: STAR Center Fund $440,000.00; Surface Water Utility Fund $2,882,000.00; Capital Projects Fund $58,400,000.00; Solid Waste Renewal and Replacement Fund $9,599,000.00; Water Renewal and Replacement Fund $3,159,000.00.
• 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 FY21 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 FY21 capital budget for projects that progressed ahead of schedule in FY20 and increases reserves in the Capital Projects Fund based on unanticipated fund balance that is not required for projects 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 FY21 for multiple capital improvement projects and reduces the FY21 Budget for projects that exceeded estimated expenditures in FY20.
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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 FY21 actual beginning fund balances have exceeded the budget in the STAR Center, Surface Water Utility, Capital Projects, Solid Waste Renewal and Replacement, and Water 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 FY21 Budget for projects that did not progress as anticipated in FY20 as follows: STAR Center Fund $440,000.00; Surface Water Utility Fund $2,882,000.00; Capital Projects Fund $58,400,000.00; Solid Waste Renewal and Replacement Fund $9,599,000.00; Water Renewal and Replacement Fund $3,159,000.00. This resolution also reduces the FY21 capital budget for projects that progressed ahead of schedule in FY20 and increases reserves in the Capital Projects Fund based on unanticipated fund balance that is not required for projects 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 26, 2021 meeting. The attached resolution recognizes FY21 unanticipated beginning fund balance within the various funds identified and increases appropriation and reserves accordingly.
Fiscal Impact:
Approval of this resolution recognizes unanticipated beginning fund balance in the aggregate amount of $74,480,000.00 in the STAR Center, Surface Water Utility, Capital Projects, Solid Waste Renewal and Replacement, and Water Renewal and Replacement Funds and increases the respective project cost center and reserve 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