Title
AN ORDINANCE AMENDING ORDINANCE NO. 19-153, MAKING APPROPRIATIONS FOR THE CURRENT EXPENSES AND OTHER EXPENDITURES OF THE CITY OF HUDSON DURING THE FISCAL YEAR ENDING DECEMBER 31, 2020, BY MAKING ADDITIONAL AND/OR AMENDED APPROPRIATIONS.
Brief Description: This Ordinance amends the budget for 2020 by adding $1,150,000 in appropriations for the City’s concrete overlay program. The source of the funding is better than projected General Fund 2019 carryover balance.
Body
Legislative History
Ordinance 19-153 established the City’s 2020 budget.
Purpose & Explanation
For the 2020 Budget and Five Year Plan, the City projected an ending General Fund balance of $8,266,000. We have closed out the year end books and have an actual unencumbered balance of $9,413,000. The difference is a positive $1,147,000.
Within the Five Year Plan, we anticipated borrowing $2.3 million and spending $1,150,000 each year for 2020 and 2021 for the concrete overlay program. This ordinance appropriates $1,150,000 of the General Fund balance in lieu of borrowing the funds for 2020.
Timing Considerations
Staff recommends passing this ordinance as soon as possible to allow for the timely award of the bid for the concrete overlay program.
Fiscal Impact
X Amended Appropriations of $1,150,000
Recommendation
Suggested Action
Staff recommends approval of the amendment to the 2020 appropriations.
Submitted by,
Jane Howington, City Manager
Jeff Knoblauch, Assistant City Manager - Finance Director
Brian Griffith, Director - Management & Budget