TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
|
Finance |
Chip Corder |
425-556-2189 |
DEPARTMENT STAFF:
|
Finance |
Marissa Flynn |
Senior Financial Analyst |
TITLE:
title
Adoption of an Ordinance Amending Ordinance Nos. 3026, 3041, and 3042 by Making Adjustments to the City’s 2021-2022 Biennial Budget to Recognize Appropriation of the Unallocated Beginning Fund Balance in the General Fund to Allocate Funding to be used for the Capital Investment Program
a. Ordinance No. 3049: An Ordinance of the City Council of the City of Redmond, Washington, Amending Ordinance Nos. 3026, 3041, and 3042 by Making Adjustments to the City’s 2021-2022 Biennial Budget, in Exhibit 1
title
OVERVIEW STATEMENT:
recommendation
The purpose of the budget adjustment is to formally recognize $15.6M of the unallocated 2021-2022 General Fund Beginning Fund Balance to be used for the Capital Investment Program.
Examples include:
• Redmond Community and Senior Center
• Continued implementation of the Facilities Strategic Plan
o Public Safety Building Phase 3
o Maintenance and Operations Center (MOC)
• Create reserves for the Capital Investment Program
• Other projects as approved by Council
body
☒ Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
☐ Receive Information ☐ Provide Direction ☒ Approve
REQUEST RATIONALE:
• Relevant Plans/Policies:
Fiscal Policies
• Required:
RCW 35A.33.120 Funds-Limitations on expenditures-Transfers and adjustments.
• Council Request:
N/A
• Other Key Facts:
N/A
OUTCOMES:
The budget adjustment is necessary to align City financial records with decisions made by the Council.
COMMUNITY/STAKEHOLDER OUTREACH AND INVOLVEMENT:
• Timeline (previous or planned):
N/A
• Outreach Methods and Results:
N/A
• Feedback Summary:
N/A
BUDGET IMPACT:
Total Cost:
$15,611,470
Approved in current biennial budget: ☐ Yes ☒ No ☐ N/A
Budget Offer Number:
N/A
Budget Priority:
N/A
Other budget impacts or additional costs: ☐ Yes ☒ No ☐ N/A
If yes, explain:
N/A
Funding source(s):
N/A
Budget/Funding Constraints:
N/A
☐ Additional budget details attached
COUNCIL REVIEW:
Previous Contact(s)
|
Date |
Meeting |
Requested Action |
|
6/22/2021 |
Committee of the Whole - Finance, Administration, and Communications |
Provide Direction |
|
7/27/2021 |
Study Session |
Provide Direction |
Proposed Upcoming Contact(s)
|
Date |
Meeting |
Requested Action |
|
N/A |
None proposed at this time |
N/A |
Time Constraints:
All budget adjustments for the 2021-2022 biennium must be approved no later than December 31, 2022.
ANTICIPATED RESULT IF NOT APPROVED:
The $15,611,470 of General Fund Beginning Fund Balance would remain unrecognized and unallocated.
ATTACHMENTS:
Attachment A: Ordinance: 2021-2022 Budget Adjustment #7 - Capital Investment Program
Exhibit 1: Summary of 2021-2022 Budget Adjustments - Capital Investment Program