Council Amends Fiscal Year 2019 Budget

Each year, the Finance staff reviews the budget to determine which items should be recognized with formal budget amendments. When budget variances occur that are outside the authority of the City Manager, these adjustments are presented to the Council in the form of a budget amendment. Council approved three amendments to the Fiscal Year 2019 budget at its September 24 meeting.

Major items included:

General Fund

• The first amendment moved funding from the General Fund fund balance into the Parks Department budget to cover the costs of the June 2019 storm cleanup in the amount of $235,000. 
• The second amendment added funding to the Finance Department for payment to the Town's sales tax audit firm for audit collections. This payment in the amount of $305,000 can be funded from the increase in sales tax collections with no impact to the General Fund balance.

Hotel Fund

• An amendment was needed for the Addison Theatre Centre in the Hotel Fund. Insurance proceeds in the amount of $12,880 have been received for an accident that resulted in equipment damage. This amendment added funding to cover the costs of replacing the damaged equipment. 

You can watch the Council's budget amendment discussion here and read the presentation here.