Title
Ordinance No. 20-92 approving the Annual Appropriation Ordinance Adopting the Annual Budget and Appropriating Funds for the Several Purposes Named in Said Budget for the Year Ending December 31, 2021
Presenter:
Charae McDaniel, Chief Financial Officer
Body
Summary:
The attached Ordinance adopts the budgets and appropriates all funds and reflects proposed administrative and City Council changes as line items.
The November 3, 2020 voter-approved ballot item 2A impacts the 2021 budget by allowing the City to retain an estimated $7.5 million that was anticipated to exceed the 2021 TABOR revenue limit. This amount was set aside in the October 5, 2020 version of the 2021 budget as restricted and unspendable. At the two 2021 Budget Markup Sessions, on November 6, 2020 and again on November 12, 2020, City Council discussed changes to the 2021 budget released on October 5, 2020, as related to the passage of ballot item 2A. It was determined that the City would spend approximately $3.2 million of the 2021 TABOR retention on administrative and City Council proposed expenditures (Attachment A), leaving approximately $4.3 million of the retention unspent, which results in a contribution to fund balance in 2021.
As a result of cost savings generated in 2020 by the application of federal CARES Act grant funding to eligible expenditures, there will be $20,000,000 available to rebudget in the General Fund in 2021. Rebudgeted funds typically result from the under expenditure of budgets or from the receipt of revenue which is greater than the budgeted amount in the prior year.
The approximately $4.3 million of unspent 2021 TABOR retention will reduce the $20 million of rebudgeted funds in 2021 to approximately $15.7 million.
The proposed changes to the 2021 Budget are listed in attachments as follows:
? General Fund - Attachment A
? Lodger's and Auto Rental Tax Fund (LART) - Attachment B
? City funded CIP Fund - Attachment C
Background:
The Mayor tran...
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