TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Chip Corder
425-556-2189
DEPARTMENT STAFF:
Finance
Kelley Cochran
Deputy Finance Director
Executive
Malisa Files
Chief Operating Officer
TITLE:
title
2021-2022 Budget Adjustments
OVERVIEW STATEMENT:
recommendation
To discuss the recognition of beginning fund balances, American Rescue Plan Act funding and proposed funding allocations and resulting budget adjustments.
body
? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
2021-2022 Biennial Budget, 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 purpose of the study session presentation is to follow-up on a discussion from the June FAC Committee of the Whole meeting on the recognition of beginning fund balances, American Rescue Plan Act funding and proposed funding allocations. Council direction on the resulting budget adjustments is needed.
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.
Recognition of Non-General Fund Beginning Fund Balances: In the first year of each biennium, budgeted beginning fund balances are reconciled with the actual beginning fund balances for each fund. A budget adjustment is required to formally recognize the difference in each fund. This budget adjustment is split into two groups: 1) all funds except the General Fund, and 2) the General Fund. The first group encompasses the sub-funds of the General Fund, Special Revenue Funds, Debt Service Funds, Capital Investment Funds, Utility Funds, and Internal Service Funds.
Recognition of General Fund Beginning Fund Balance: The Gener...
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