HomeMy WebLinkAboutInformational Records - Town Council Reports (4)
Town Manager’s Office
TOWN COUNCIL REPORT
DATE: May 16, 2017
TO: Mayor and Councilmembers
FROM: Daniel G. Sharp, Interim Town Manager
Stacey Lemos, Finance Director
SUBJECT: Changes for FY 2017/18 Tentative Budget adoption
This report is intended to provide a comprehensive summary of all changes included in the FY 2017/18
Tentative Budget presented for approval on May 17, 2017. These changes are based on Council
discussions at the April 26 and May 10, 2017 budget study sessions, impacts from the passage of the
State budget and other minor adjustments based on capital project spending. This report includes
updated changes to the Recommended Budget beyond what is included in the May 17, 2017 Council
packet materials that were released on May 10, 2017.
DISCUSSION
Staff presented the FY 2017/18 Manager’s Recommended Budget in the amount of $123,192,755 at
the April 19, 2017 regular Town Council meeting. Staff will present the FY 2017/18 Tentative Budget
for Council approval at the May 17, 2017 regular Town Council meeting in the amount of
$128,567,505, an increase of $5,374,750 over the Recommended Budget amount. The following
changes account for this increase:
• $5,000,000 in additional budget capacity was added to the Capital Project Bond Fund for the
possible issuance and expenditure of general obligation bonds should the November 7, 2017
special bond election pass for additional fields and amenities at Naranja Park.
• $249,750 in additional budget capacity was rolled over to FY 2017/18 for the energy efficiency
project at the Community Center based on an updated spending estimate from Trane, the
project contractor. This project is expected to be completed on budget by early fall, and this
adjustment simply allocates the appropriate amount into next year’s budget for completion
within the Energy Efficiency Project Fund.
• State shared highway user fund (HURF) revenues were increased by $125,000 in the Highway
Fund based on an increased one-time allocation to cities and towns funded through the State
budget for FY 2017/18. As a result of this increase, the subsidy transfer from the General Fund
to the Highway Fund for FY 2017/18 was decreased by $125,000 from $400,000 to $275,000.
This change increased the estimated FY 2017/18 year-end fund balance in the General Fund
from $11,672,345 to $11,797,345.
• $50,000 in bed tax fund contingency reserves were moved to the economic development
division operating budget to further support economic development marketing, advertising,
sports tourism and arts and culture per Council direction at the May 10, 2017 budget study
session. This change reduced the estimated FY 2017/18 year-end fund balance in the Bed Tax
Fund from $276,288 to $226,288.
The remaining item requested for Council clarification is the funding for Steam Pump Ranch and
whether Council would like to shift the $55,120 currently budgeted in the CIP for the design costs for
the Proctor Leiber House rehabilitation to equipping the Pusch House with a sprinkler system and
security system as discussed at the April 26, 2017 budget study session.
RECOMMENDATION / CONCLUSION
This report is for information only.