Meeting Type: BCC Regular Meeting
Meeting Date: 12/3/2024
Item Status: New
From: Roger Rendleman, County Administrator / Interim Clerk Treasurer; Beth Hodges, Budget Director
Submitted by: Beth Hodges, Budget Director
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ITEM TITLE
Title
Resolution #2025-053 - Amendment to FY 2024 Budget - Allocation of Unassigned Reserve Fund Balance
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STAFF RECOMMENDATION
Recommendation
Adopt Resolution #2025-053 amending Fiscal Year 2024 Budget (Resolution #2023-186 and Resolution #2023-187, adopted on September 28, 2023) in order to allocate Unassigned Reserves.
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BACKGROUND INFORMATION
Background: During the April 2, 2024, regular meeting, Commission approved revised Policy #8.22 - Financial Management, which established the Assigned Reserve minimum as 30% of the annual budget, less capital, for both General Fund and Highway Fund. The Unassigned Reserve minimum was set at 5%-10% of annual budget, less capital, for the aforementioned funds. Also, during this meeting, Resolution #2024-100 was adopted, committing the initial $38,833,342.00 for General Fund Reserve Balance and $10,572,589.00 for Highway Fund Reserve Balance.
In calculating the required Assigned Reserve Balance based upon the FY 2025 Budget, it has been determined that no additional reserves will be needed for General Fund and that the Highway Fund will need to be increased by $825,000.00 to meet the 30% minimum. Staff recommends the allocation of $825,000.00 from Highway’s Fund Balance Unreserved account (111.35000) to the Reserved for Highway Trust (111.34811).
During the calculation of the current year’s reserves, the General Fund Unassigned Reserves was determined to be approximately 20%, which is above the 5%-10% minimum. With this realized excess of funds, Staff requests the use of $6,836,535.00 of these resources for the following purposes.
1) Of this total, an allocation of $6,000,000.00 is being requested for Capital Projects Fund - Contract Services (20210202.51500) in order to provide additional budget to a current project or make available funding for another project. The actual project(s) to which funding is to be distributed will be determined at a future date. Utilization of these funds will ensure that budget will be available to cover future project needs as they arise as well as provide additional funding for projects that are currently in progress, thus further delaying the need to secure outside funding to complete established projects.
2) It is requested that the remaining $836,535.00 be allocated to Planning & Zoning’s Judgements/Settlements account (10052730.59000).
Previous Commission action/date:
09/17/2024, BCC Regular Meeting - Adoption of FY 2025 Budget
04/02/2024, BCC Regular Meeting - Adoption of revised Policy #8.22 - Financial Management; Adoption of Resolution #2024-100 Establishing Reserve Balances
FINANCIAL IMPACT
Total cost of recommendation: $7,661,535.00
Budget line item(s) to be used: See Resolution #2025-053 for accounts
If this is not a budgeted expenditure, does the recommendation create a need for funding? N/A
LEGAL IMPACT
Is legal review necessary for this staff recommendation and related documents?
N/A
Reviewed/approved by: N/A
Additional comments: N/A
ADVERTISING REQUIREMENTS
Is advertising required for this recommendation? N/A
If the proof of publication affidavit is not attached, list the reason: N/A
FOLLOW UP IMPLEMENTATION
For time-sensitive follow up, select deadline date for follow up: Administration, Budget and Finance Staff
Individual(s) responsible for follow up: N/A
Action required (list contact persons/addresses if documents are to be mailed or emailed): Administration - Upload resolution to BCAP; Budget - Create budget entry from resolution; Finance - Make the necessary transfer of funds
Additional instructions/notes: N/A