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