11-15-2019 2020 Budget AmendmentPresented by
Chase Donnelly, Accounting Manager
November 19, 2019
2019/20 Proposed Mid-Biennial Budget Amendment
City Council Meeting
November 19, 2019
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Background
RCW 35a.34.130 –
The legislative authority of a city having adopted the provisions of this chapter shall provide by ordinance for a mid-biennial review and modification of the biennial budget.
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Background-continued
Adopted 2019/2020 Biennial Budget
- December 4, 2018
Amended 2019/2020 Biennial Budget
- April 16, 2019
Budget Amendment Presentation At FEDRAC
- October 22, 2019
Public Hearing on Proposed 2019/20 Budget Amendment
- November 05, 2019
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1 – Fund Balance Per Council Policy
- All Funds within required reserve level
- General Fund - $9.0M
- Street Fund - $0.5M
- Strategic Reserve Fund - $3M
2 – Interfund Loans
- PAEC Operation - $0.50 million (forgiving loan)
- PAEC Construction - $5.0 million (bonded with proceeds received of approx. $5.0 million)
3 - Outstanding General Obligation Bonds
- Community Center - $9.9 million
- Target Property - $6.0 million
- SCORE - $12.9 million
- PAEC Capital Project - $5.0 million
Budget Factors
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Proposed Major Changes
in General Fund
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Proposed Major Changes
in General Fund
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Proposed Major Changes
in Non- General Fund
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Proposed Major Changes
in Non- General Fund
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- Consider First Reading of 2019/20 Mid-Biennial Budget Amendment Ordinance & Consider Moving it to December 03, 2019 for Second Reading and Final Adoption
Council Action
Questions?
Thank You!
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