Council Approves Budget Amendment

The Fiscal Year (FY) 2022 budget was adopted by Council on September 14, 2021. When budget variances occur that are outside of the authority of the City Manager, these adjustments are presented to the Council in the form of a formal budget amendment. Chief Financial Officer Steven Glickman presented Council with the first amendment for the FY 2022 budget at the April 26 meeting.

An amendment was needed to account for repairs to the Stone Cottage due to damage caused by Winter Storm Uri and related insurance reimbursements. A second amendment was needed for prior year encumbrances for items including lighting improvements at Celestial Park, Addison Athletic Club Design, the Sam's Club Special Area Study, and contributions to the Metrocrest Services facility campaign, among others. A final amendment was required for the issuance of the 2022 General Obligation Refunding Bonds to recognize $9,600,000 in proceeds and to pay off the refunded bonds. The transaction will generate $1,003,244 in debt service savings over the next ten years.

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