AGENDA MEMORANDUM

Meeting Date: July 28, 2008

From:                          Jerry Boop, CPA, CGFO, Finance Director

Subject:                      Ordinance Amending the Fiscal Year 2007-08 Budget for the General, Stormwater, Capital Projects, Electric, Gas, Water, Wastewater, and

Building Permit Funds for the Third Quarter

Staff Recommendation:

Staff recommends adoption of the attached ordinance amending the fiscal year 2007-08 budget for the General, Stormwater, Capital Projects, Electric, Gas, Water, Wastewater, and Building Permit Funds for the Third 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:

General Fund:                                                                       Funding Source

Bassmasters Tournament                                $     35,000      Donation

Gas Trailer                                                      $       4,000      Transfer from Gas

            Total Increases                                                $     39,000

Reductions                 

Computer Lease                                              $      30,000     Fund Balance

Police Forfeiture                                                      38,990     Fund Balance                                     

Claims & Judgments                                                30,000     Fund Balance

Total Reductions                                 $(     98,990)

Total General Fund                                      $ (    59,990)

Stormwater Fund:                                                                

Lake Lucerne                                                   $       75,985    SJRWMD Grant

Total Stormwater Fund                                $       75,985

Capital Projects Fund:                                                         Funding Source

Library Café                                                     $       33,789    Transfer from General Fund

Fountain Lake Trail                                                  32,769    Fund Balance                         

Total Capital Projects Fund                                    $      66,558

Electric Fund:

Debt Service                                                    $  1,286,649    Fund Balance

Total Electric Fund                                      $  1,286,649

Gas Fund:

Bentley Ridge                                                  $     112,826    Customer Contribution

Laurel Oaks                                                              81,309    Customer Contribution

Cauthen Circle                                                          21,774    Customer Contribution

Total Gas Fund                                             $     215,909

Water Fund:

Debt Service                                                    $    236,864     Fund Balance

Highland Lakes WTP                                                9,040     Impact Fees

Total Water Fund                                          $    245,904

Wastewater Fund:

Debt Service                                                    $        1,826     Fund Balance

Total Wastewater Fund                                $        1,826

Building Permit Fund:

Building Permit Revenue                                $(      78,422)    Reserve for Future Use

Total Building Permit Fund                                   $(      78,422)

Options:        

1. Adopt the attached ordinance amending the fiscal year 2007-08 budget for the General, Stormwater, Capital Projects, Electric, Gas, Water, Wastewater, and Building Permit Funds, or
2. Such other action as the City Commission may deem necessary.

Fiscal Impact: 

The following funds will increase as seen below:

FUND	FY 2008 CURRENT	CHANGE	FY 2008 AMENDED
General	26,464,996	(  59,990)	26,405,006
Stormwater	3,003,521	75,985	3,079,506
Capital Projects	15,514,869	66,558	15,581,427
Electric	74,848,553	1,286,649	76,135,202

FUND	FY 2008 CURRENT	CHANGE	FY 2008 AMENDED
Gas	14,614,147	215,909	14,830,056
Water	19,787,679	245,904	20,033,583
Wastewater	13,994,081	1,826	13,995,907
Building Permit	972,000	(  78,422)	893,578
Total	169,199,846	1,754,419	170,954,265

Submission Date and Time:    7/25/2008 3:48 PM7/23/2008 4:23 PM____

Department: ______________________ Prepared by:  ______________________                      Attachments:         Yes____   No ______ Advertised:   ____Not Required ______ Dates:   __________________________                      Attorney Review :       Yes___  No ____ _________________________________             Revised 6/10/04

Reviewed by: Dept. Head ________ Finance  Dept. __________________                                    Deputy C.M. ______EFS__________                                          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 GENERAL, STORMWATER, CAPITAL PROJECTS, ELECTRIC, GAS, WATER, WASTEWATER, AND BUILDING PERMIT FUNDS FOR THE THIRD 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:
		GENERAL FUND
		ESTIMATED REVENUES AND OTHER RECEIPTS
		Other Financing Sources:
		Miscellaneous Revenues			35,000
		Other Sources			4,000
		Fund Balance Appropriated			(98,990)
		TOTAL ESTIMATED REVENUES AND OTHER RECEIPTS			(59,990)
		PROPOSED APPROPRIATIONS
		Culture/Recreation			35,000
		General Government			(94,990)
		TOTAL PROPOSED APPROPRIATIONS			(59,990)
		STORMWATER FUND
		ESTIMATED REVENUES AND OTHER RECEIPTS
		Other Financing Sources:
		State Grant			75,985
		TOTAL ESTIMATED REVENUES AND OTHER RECEIPTS			75,985
		PROPOSED APPROPRIATIONS
		Physical Environment			75,985
		TOTAL PROPOSED APPROPRIATIONS			75,985
		CAPITAL PROJECTS FUND
		ESTIMATED REVENUES AND OTHER RECEIPTS
		Other Financing Sources:
		Other Sources			33,789
		Fund Balance Appropriated			32,769
		TOTAL ESTIMATED REVENUES AND OTHER RECEIPTS			66,558
		PROPOSED APPROPRIATIONS
		Culture/ Recreation			66,558
		TOTAL PROPOSED APPROPRIATIONS			66,558
		ELECTRIC FUND
		ESTIMATED REVENUES AND OTHER RECEIPTS
		Other Financing Sources:
		Fund Balance Appropriated			1,286,649
		TOTAL ESTIMATED REVENUES AND OTHER RECEIPTS			1,286,649
		PROPOSED APPROPRIATIONS
		Physical Environment			1,286,649
		TOTAL PROPOSED APPROPRIATIONS			1,286,649
		GAS FUND
		ESTIMATED REVENUES AND OTHER RECEIPTS
		Other Financing Sources:
		Customer Contribution			215,909
		TOTAL ESTIMATED REVENUES AND OTHER RECEIPTS			215,909
		PROPOSED APPROPRIATIONS
		Physical Environment			215,909
		TOTAL PROPOSED APPROPRIATIONS			215,909
		WATER FUND
		ESTIMATED REVENUES AND OTHER RECEIPTS
		Other Financing Sources:
		Impact Fees			9,040
		Fund Balance Appropriated			236,864
		TOTAL ESTIMATED REVENUES AND OTHER RECEIPTS			245,904
		PROPOSED APPROPRIATIONS
		Physical Environment			245,904
		TOTAL PROPOSED APPROPRIATIONS			245,904
		WASTEWATER FUND
		ESTIMATED REVENUES AND OTHER RECEIPTS
		Other Financing Sources:
		Fund Balance Appropriated			1,826
		TOTAL ESTIMATED REVENUES AND OTHER RECEIPTS			1,826
		PROPOSED APPROPRIATIONS
		Physical Environment			1,826
		TOTAL PROPOSED APPROPRIATIONS			1,826
	BUILDING PERMITS FUND
	ESTIMATED REVENUES AND OTHER RECEIPTS
	Other Financing Sources:
	Building Permits			(78,422)
	TOTAL ESTIMATED REVENUES AND OTHER RECEIPTS			(78,422)
	PROPOSED APPROPRIATIONS
	Reserve for Future Use			(78,422)
	TOTAL PROPOSED APPROPRIATIONS			(78,422)
	ALL FUNDS
	ESTIMATED REVENUES AND OTHER RECEIPTS
	Other Financing Sources:
	Miscellaneous Revenues			35,000
	Other Sources			37,789
	Fund Balance Appropriated			1,459,118
	State Grant			75,985
	Impact Fees			9,040
	Building Permits			(78,422)
	Customer Contribution			215,909
	TOTAL ESTIMATED REVENUES AND OTHER RECEIPTS			1,754,419
	ALL FUNDS
	PROPOSED APPROPRIATIONS
	Physical Environment			1,826,273
	Culture & Recreation			101,558
	General Government			(94,990)
	Reserve for Future Use			(78,422)
	TOTAL PROPOSED APPROPRIATIONS			1,754,419
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 _______ day of August, 2008.
			John Christian, Mayor
ATTEST:
City Clerk