TO: Committee of the Whole - Finance, Administration, and Communications
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Kelley Cochran
425-556-2748
DEPARTMENT STAFF:
Finance
Haritha Narra
Interim Financial Planning Manager
Finance
Marissa Flynn
Senior Financial Analyst
TITLE:
title
2021-2022 Budget Adjustment #1
OVERVIEW STATEMENT:
recommendation
The focus of the discussion at FAC will be to establish a process for bringing the first budget adjustment of the 2021-2022 biennium forward for Council consideration and approval. Input is also requested from Council on additional items that should be brought forward for consideration.
body
? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
N/A
* Required:
N/A
* Council Request:
N/A
* Other Key Facts:
N/A
OUTCOMES:
Periodically the Finance Department adjusts the budget to recognize revenue and expenditure changes during the biennium. There are three adjustments that need to be made at this time. At the FAC Committee of the Whole meeting, staff will discuss a recommended approach for Council review and approval of each. The needed adjustments are listed below.
Contribution to Human Services: In accordance with Council direction during the 2021-2022 budget deliberations a transfer of $500K from the General Fund to the Human Service Fund needs to be recognized.
Recognition of Beginning Fund Balances: At the beginning of each biennium, Financial Planning reconciles the budgeted beginning fund balances and the actual beginning fund balances for each fund so that fund managers know how much actual cash they carried over into the new biennium. These adjustments can either increase or decrease each of the City's budgeted funds. The adjustment would formally recognize the difference between the actual and budgeted beginning fund balances in the G...
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