AGENDA MEMORANDUM

 

 

Meeting Date:           April 14, 2008

 

From:                          Jerry Boop, CPA, CGFO, Finance Director

 

Subject:                      Ordinance Amending the Fiscal Year 2007-08 Budget for the Capital Projects and Electric Funds for the Second Quarter

 

 

Staff Recommendation:

Adopt the attached ordinance amending the fiscal year 2007-08 budget for the Capital Projects and Electric Funds for the Second Quarter.

 

Analysis:

As established in the Budget Policy, adopted September 28, 1998, total appropriations within a fund cannot increase or decrease without formal action by the City Commission.

 

These budget adjustments are required due to the following changes:

 

Capital Projects Fund:                                                          Funding Source

Streets- Red Raider Road                                $       42,103    LCSB Contribution

            Total Increases                                                $       42,103

 

Reductions                 

Airport- Runway 3/21                                     $  1,500,000    Federal & State Grant, LOOP

            Total Reductions                                 $ (1,500,000)

Total Capital Projects                                   $ (1,457,897)

 

Electric Fund            :                                                                       Funding Source

Workforce Grant                                             $         4,525    Federal Grant

Total Electric Fund                                      $         4,525   

 

 

Options:

1.      Adopt the attached ordinance amending the fiscal year 2007-08 budget for the Capital Projects and Electric Funds, or

 

      2.  Such alternative action as the Commission may deem appropriate.


Fiscal Impact

The following funds will increase as seen below:

 

 

FUND

FY 2008

CURRENT

 

CHANGE

FY 2008

AMENDED

Capital Projects

16,972,766

(1,457,897)

15,514,869

Electric

74,844,028

4,525

74,848,553

Total

91,816,794

(1,453,372)

90,363,422

 

 

 

 

 

 

Submission Date and Time:    4/9/2008 6:29 PM____

 

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head __JB____

 

Finance  Dept. ____________JB____                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


ORDINANCE NO._______________

 

AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA AMENDING THE FISCAL YEAR 2007-08 BUDGET FOR THE CAPITAL PROJECTS AND ELECTRIC FUNDS FOR THE SECOND QUARTER.; AND PROVIDING AN EFFECTIVE DATE.

 

 

          WHEREAS, the City Commission of the City of Leesburg adopted a budget for Fiscal Year 2007-08 on September 24, 2007, which they felt was in the best interest of the citizens of the City of Leesburg, and

 

 

 

 

 

 

 

 

 

 

          WHEREAS, it is now necessary to amend the current budget for Fiscal Year 2007-08 to provide funds for various projects as adopted at City Commission meetings, and

 

 

 

 

 

 

 

 

 

 

          WHEREAS, such action was not anticipated in the original 2007-08 annual budget;

          NOW THEREFORE, BE IT ENACTED BY THE PEOPLE OF THE CITY OF LEESBURG, FLORIDA:

 

SECTION I.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        Pursuant to Section 200.065, Florida Statutes, and all other applicable laws, the following amounts for use by the various funds during Fiscal Year 2007-08 as reflected below, including all modifications or amendments made during this meeting, are hereby adopted as increases/decreases to the original budget for Fiscal Year 2007-08 for the City of Leesburg, Florida:

 

 

 

 

 

 

 

 

 

 

 

CAPITAL PROJECTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ESTIMATED REVENUES AND OTHER RECEIPTS

 

 

 

Other Financing Sources:

 

 

 

 

 

 

 

     Contributions

 

 

 

 

 

           42,103

 

 

     Federal 

     Grant

 

 

 

 

 

    (1,425,000)

 

 

     State Grant

 

 

 

 

 

         (37,500)

 

 

     Discretionary Sales 

     Tax (LOOP)

 

 

 

 

         (37,500)

 

 

TOTAL ESTIMATED REVENUES AND OTHER RECEIPTS

    (1,457,897)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROPOSED APPROPRIATIONS

 

 

 

 

 

Transportation

 

 

 

 

 

    (1,457,897)

 

 

TOTAL PROPOSED APPROPRIATIONS

 

 

    (1,457,897)

 

 

 

 

 

 

 

 

 

 

 

 

ELECTRIC FUND

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ESTIMATED REVENUES AND OTHER RECEIPTS

 

 

 

Other Financing Sources:

 

 

 

 

 

 

 

     Federal Grant

 

 

 

 

 

             4,525

 

 

TOTAL ESTIMATED REVENUES AND OTHER RECEIPTS

             4,525

 

 

 

 

 

 

 

 

 

 

 

 

PROPOSED APPROPRIATIONS

 

 

 

 

 

Physical Environment

 

 

 

 

             4,525

 

 

TOTAL PROPOSED APPROPRIATIONS

 

 

             4,525

 

 

 

 

 

 

 

 

 

 

 

 

ALL FUNDS

 

 

 

 

 

 

 

 

ESTIMATED REVENUES AND OTHER RECEIPTS

 

 

 

Other Financing Sources:

 

 

 

 

 

 

 

     State Grant

 

 

 

 

 

         (37,500)

 

 

     Federal   

     Grant

 

 

 

 

 

    (1,420,475)

 

 

     Discretionary Sales  

     Tax

 

 

 

 

         (37,500)

 

 

     Contributions

 

 

 

 

 

           42,103

 

 

TOTAL ESTIMATED REVENUES AND OTHER RECEIPTS

    (1,453,372)

 

 

 

 

 

 

 

 

 

 

 

 

ALL FUNDS

 

 

 

 

 

 

 

 

PROPOSED APPROPRIATIONS

 

 

 

 

 

Physical Environment

 

 

 

 

             4,525

 

 

Transportation

 

 

 

 

 

    (1,457,897)

 

 

TOTAL PROPOSED APPROPRIATIONS

 

 

    (1,453,372)

 

 

 

SECTION II.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          This ordinance shall become effective upon its passage and adoption by the Leesburg City Commission in the manner provided by law.

 

 

 

 

 

 

 

 

 

 


 

          PASSED AND ADOPTED at a regular meeting of the City Commission of the City of Leesburg, Florida held on the 14th day of April, 2008.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

John Christian, Mayor

 

 

 

 

 

 

 

 

 

 

 

ATTEST:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 City Clerk