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 the Calculated Beginning Fund Balance in all Funds Except the General Fund
a. Ordinance No. 3045: 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
OVERVIEW STATEMENT:
recommendation
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. The budget adjustment included in this ordinance formally recognizes these differences in the Capital Investment, Utility, Special Revenue, Internal Service and Debt Service Funds as well as the sub-funds of the General Fund.
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:
Budgeted beginning fund balances as of January 1, 2021, which represent estimates made in the second half of 2020, are being adjusted to reflect the actual beginning fund balances for each fund.
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:
$29,577,073
Approved in current biennial budget: ? Yes ? No ? N/A
Budget Offer Number:
N/A
Budget Priority:
N/A
O...
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