Item 8a - 2023-2024 Biennial Budget Amendment2023=24
Budget
Amendment
Q2 2024
CITY OF
V;§
Federal Way
Budget Amendment
Authorizes expenditures
Information not known at time of budget
adoption
• New Grants or other funding
• Prior year carry forward
• Fund balance
Jail Cost Funding
2024 forecast
2024 Budget
anticipated shortfall
Jail Cost Shortfall
✓ Jail Cost Q1
✓ Jail Cost Q2
o Remaining Jail Cost
Sales Tax
Permit Fees
Unrestricted Utility Tax
Investment
Total
$4.5 million
$2.3 million
($2.2 million)
$ 559, 000
11035, 000
606, 000
($ 263,000 )
343)000
500, 000
4557000
$ 1,0357000
Other Adjustments
Prior year carryover
Overlay $872,253
New Grants
Court 175, 000
Port of Seattle 607000
Training grant 507000
Saghalie Park Tennis Courts 897683
Increased Revenues/Fund Balance
PAEC 15015,494
Dumas Bay 280, 603
From Fund Balance
SWM Culvert Replacement 15758,079
Lodging Tax 1007000
Fleet — shuttle bus 307000
Bond Proceeds
O&M property acquisition 85879,731
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