HomeMy WebLinkAbout07-103
DATE SUBMITTED: March 21, 2007
BILL #
07- 703
AGENDA BILL
CITY OF BREMERTON
- CITY COUNCIL
........................................................................................
SUBJECT: Amend the 2007 budget for
additional street maintenance supplies
Committee Meeting Date:
COUNCIL MEETING Date:
Department:
Presenter:
Phone:
4/25/2007
51212007
Financial Services
Laura Lyon
473-5722
SUMMARY: In 2006, the City experienced strong financial performance in the General Fund. As a result of
increased revenues and reduced expenditures, the General Fund had a higher ending fund balance than was
anticipated to carry forward as the beginning fund balance for 2007 _ After making consideration for; 1) capital
work that was not completed in 2006 that should be carried forward into 2007,2) provision of adequate
reserves and contingency planning, and 3) other budget amendments previously approved by the City Council
or anticipated to be approved in the future - there is a net available positive fund balance remaining that is
recommended to be used for additional street maintenance supplies and additional reduction of outstanding
debt obligations in 2007. An additional expenditure of $125,000 for street maintenance combined with
existing budgeted labor resources, will allow the Street Department to significantly increase the scope of the
2007 paving list of work to be completed It is the recommendation of the Director of Financial Services that
the City Council approve a budget amendment authorizing the transfer of $125,000 from the General Fund to
the Street Fund and authorize the additional expenditure in the Street Fund of $ I 25,000 for street maintenance
supplies.
ATTACHMENTS: Explanatory Memo, original Street Fund paving list for 2007, and revised Street Fund
paving list if additional supply expenditures of $125,000 is approved.
o
FISCAL IMPACTS (Include Budgeted Amount): The requested budget amendment will transfer an
additional $125,000 from the General Fund (Fund 001) to the Street Fund (Fund 102) and authorize additional
supplies expenditures in the Street Fund of $ I 25,000. The Financial results for 2006 provided a positive
General Fund ending fund balance variance carrying forward into 2007 - which is more than sufficient to cover
this additional expenditure in 2007.
CONSENT AGENDA %
GENERAL BUSINESS 0
PUBLIC HEARING 0
APPROVALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY:
FINANCE DIRECTOR:
MA YOR:
COMMITTEE CHAIR
COUNCIL PRESIDENT:
RECOMMENDED MOTION: Move to approve a budget adjustment authorizing the transfer of
$125,000 from the General Fund to the Street Fund and authorizing additional supplies expenditures
in the Street Fund in the same amount.
COUNCIL ACTION: ~ve
o Deny
o Table
o Continue 0 No Action