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07-07-2020 Budget (4)City of Federal Way 2019/2020 Biennial Budget Amendment Ordinance Presented by: Adé Ariwoola, Finance Director July 7, 2020 BUDGET AMENDMENT 2 •Guidelines to the Budget Amendment: o What is the State’s guidelines and how do we stand? o What is the current City Policy and how do we stand ? •General Fund -$9.0 million •Utility Tax -$1.5 million •Traffic Light -$1.2 million •Risk Management o What are the major changes in the budget? GENERAL FUND (001) 3 Revenues: Fund Bal. Carryforward 1.19$ COVID-19 Rev. Shortfall - Sales Tax (1.49) COVID-19 Rev. Shortfall - Bldg. Permit (1.06) COVID-19 Grant from the State 2.93 CD Grant 0.10 Police Contract 0.47 Transfer from Utility Tax Fund 0.85 CD Lien Recovery 0.03 Automation Revenue (0.14) King County COVID-19 Grant 0.15 Total Revenues 3.03$ GENERAL FUND - Fund 001 GENERAL FUND (001) CONT’ 4 Appropriation: Target Condemnation 0.85$ COVID-19 Grants to local businesses 2.03 Grant Administration 0.08 COVID-19 Truck 0.20 COVID-19 Supplies 0.21 Police OT for Contract 0.47 Eye on FW 0.06 DBC 0.26 PAEC 0.16 FWCC 0.57 County Grant for COVID-19 0.15 Court COVID-19 0.06 SCORE Savings (2.10) Total Appropriation 3.00$ GENERAL FUND - Fund 001 UTILITY TAX (103) 5 Revenues: Fund Bal. Carryforward 0.07$ COVID-19 Revenue Shortfall (0.55) New Revenue on Water & Sewer 2.17 New Revenue on Solid Waste 0.38 Total Revenues 2.07$ Appropriation: Risk Management 0.81$ General Fund - Target Condemn.0.85 Arterial Street 0.38 Street 0.01 Total Appropriation 2.05$ UTILITY TAX - Fund 103 6 PROP 1(114) Revenues: Fund Bal. Carryforward 0.13$ COVID-19 Revenue Shortfall (0.16) New Revenue on Water & Sewer 0.63 Total Revenues 0.60$ Appropriation: Public Defender 0.60$ Total Appropriation 0.60$ PROP 1 - Fund 114 TRAFFIC SAFETY (112) 7 Revenues: Fund Bal. Carryforward (0.19)$ Transfer in from General Fund 0.19 COVID-19 Revenue Shortfall (0.93) Total Revenues (0.93)$ TRAFFIC SAFETY - Fund 112 8 RISK MANAGEMENT (501) Revenues: Fund Bal. Carryforward 0.17$ Transfer in from Utility Tax 0.81 Total Revenues 0.98$ Appropriation: Flag Pole 0.15$ Settlement 0.68 Total Appropriation 0.83$ RISK MANAGEMENT - Fund 501 CONCLUSION 9 o The budget amendment meets the state requirement. o All funds EXEPT the Traffic light fund meet the Reserve requirement. o Traffic light fund reserve is short due to loss of revenue from COVID-19. o As mentioned before, 2020 will be fine. o We have challenges ahead in 2021 Questions? Thank You! 10