Summary
To: Town Commission
From: Christina Porter, Finance Director
Date: 5/14/2024
______________________________________________________________________
Subject: Enterprise Water Fund - Budget Amendment #2 FYE 9-30-24
Resolution 2024-14 Budget Amendment #2 Enterprise Water Fund
Summary:
This budget amendment is presented to the Town Commission for consideration in order to amend revenues based on current year actuals and increase grant revenue for the State Revolving Funds Loan program. This amendment is also to increase expenditures across appropriation categories for open purchase orders that were rolled forward from the prior fiscal year, use of professional services contractors, and to provide funds for capital expenditures.
End
Body
Previous Commission Action:
None
Background/Problem Discussion:
Budget increases are required for FYE 9-30-23 open purchase orders that required roll forward into the current year budget, to purchase capital equipment for the Water Department, and to recognize the anticipated revenue and expenses associated with the State Revolving Fund Loan Programs.
Expenditure Challenges:
None
Financial Implications:
The increase to the Water Fund is to account for the revenue and expenditures associated with the costs of the Lead Service Line inventory and Reverse Osmosis Water Treatment Plant planning and design costs. In addition, there was an increase in the cost of the South inter-connect for the water line for Pinellas County water.
Recommendation:
Approval of Resolution 2024-14 amending FY 2023-24 Annual Budget
Proposed Motion:
I move approval of Resolution 2024-14 amending the FY 2023-24 Annual Budget