TO: Mayor and City Council
THROUGH: Keith Stahley, City Manager
FROM: Josh Eggleston, Chief Financial Officer
SUBJECT:
title
Transfer of fiscal year 2024 budget appropriations in the General Fund, Streetlights Fund, and City Services Fund.
Ward(s): All Wards
Councilor(s): All Councilors
Neighborhood(s): All Neighborhoods
Result Area(s): Good Governance.
end
SUMMARY:
summary
Several year-end budget authority transfers are needed to maintain compliance with Oregon budget law. This process is required when actual spending is anticipated to exceed budget authority.
end
ISSUE:
Shall City Council adopt Resolution No. 2024-32 authorizing a transfer of appropriations withing the City’s fiscal year 2024 budget?
RECOMMENDATION:
recommendation
Adopt Resolution No. 2024-32 authorizing a transfer of appropriations within the City’s fiscal year 2024 budget.
body
FACTS AND FINDINGS:
General Fund, Fire Department
Fund 101, General Fund
From: Non Departmental, Contingency, 101-60961000-61110, $900,000
To: Fire EOD, Overtime, 101-37202500-51030, $900,000
The Fire Department has been continuing to staff the City medic units to supplement ambulance transport services in Salem. As a result, overtime expense in the Fire Department is higher than planned in the FY 2024 budget. With this action, the Fire Department’s General Fund budget will remain in budget compliance for the unanticipated overtime expense.
General Fund and City Services Fund, Document Services Division
Fund 101, General Fund and Fund 355, City Services Fund
From: Non Departmental, Contingency, 101-60961000-61110, $120,000
To: Non Departmental, Transfers out, 101-60961000-62110, $120,000
Add: IT Document services, 355-59201000-39110, $120,000
Add: IT Document services, 355-59201000-53320, $120,000
Due to operational needs, the Document Services section of the Enterprise Services Department requires additional budget authority for unanticipated expenses during the year including a production copier replacement and increased mail costs.
General Fund, Debt Service
Fund 101, General Fund
From: Non Departmental, Contingency, 101-60961000-61110, $4,000
To: Non Departmental, Interest, 101-60961000-60130, $4,000
During budget development for FY 2025, it was discovered that the 0.5% interest rate above the combined investment portfolio was not applied to the FY 2024 budgeted amount for internal loans as required by Council Policy C-2. This change will correct the oversight in the General Fund.
Streetlights Fund
Fund 156, Streetlights Fund
From: Contingency, 156-58801000-61110, $880
To: Interest, 156-58801000-60130, $880
During budget development for FY 2025, it was discovered that the 0.5% interest rate above the combined investment portfolio was not applied to the FY 2024 budgeted amount for internal loans as required by Council Policy C-2. This change will correct the oversight in the Streetlights Fund.
BACKGROUND:
State law allows local governments to approve transfers of appropriations within the limits established by the adopted budget to address unanticipated changes.
Kali Leinenbach
Budget Manager
Attachments:
1. Resolution No. 2024-32