Title
Ordinance No. 21-112 Annual Appropriation Ordinance Adopting the Annual Budget and Appropriating Funds for the Several Purposes Named in Said Budget for the Year Ending December 31, 2022
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 2, 2021 voter-approved ballot item 2D impacts the 2022 budget by allowing the City to retain an estimated $17.1 million that was anticipated to exceed the 2022 TABOR revenue limit. This amount was set aside in the October 4, 2021 version of the 2022 budget as restricted and unspendable. At the 2022 Budget Markup Session on November 5, 2021, City Council discussed changes to the 2022 budget released on October 4, 2021, as related to the passage of ballot item 2D. It was determined that the City would spend approximately $13.5 million of the 2022 TABOR retention on administrative proposed expenditures (Attachment A), leaving approximately $3.6 million of the retention unspent, which results in a contribution to fund balance in 2022.
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.
As a result of expenditure savings in prior years, there will be $26,500,000 available to rebudget in the General Fund in 2022.
The approximately $3.6 million of unspent 2022 TABOR retention will reduce the $26.5 million of rebudgeted funds in 2022 to approximately $22.9 million.
The proposed changes to the 2022 Budget are listed in attachments as follows:
? General Fund - Attachment A
? Stetson Hills SIMD Fund - Attachment B
? City funded CIP Fund - Attachment C
Background:
The Mayor transmitted the 2022 Budget to City Council on October 4, 2021, and the 2022 Budget was reviewed and discussed by City Council in one Budget Work Session on O...
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