TO: Honorable Mayor & Members of the North Port Commission
FROM: Juliana B. Bellia, Acting City Manager
TITLE: Ordinance No. 2020-46 Budget Amendment
Recommended Action
Approve Ordinance No. 2020-46 and move to second reading on November 24, 2020.
Recommended Action for Second Reading
Approve and adopt Ordinance No. 2020-46.
Background Information
This is a final budget amendment for fiscal year 2019-20.
The Road Reconstruction Fund (330) was charged for $1,073,612 in Road Rehabilitation charges in FY 2019-20 and this amendment will use the remaining funds in fund balance to cover these expenses. This will use all remaining monies in the fund and close the fund to any further activity.
In the Road Reconstruction Bond Debt Service Fund (205), fund balance in the amount of $2,208,870 was used to pay down balance of debt during the refunding approved by City Commission.
Recommended Changes for Second Reading
There are no recommended changes from First Reading.
Strategic Plan
Efficient and Effective Government
Financial Impact
The Road Reconstruction fund will have no further activity after FYE 9/30/20 and the fund balance of $1,073,612 will be depleted.
The Road Reconstruction Bond Debt Service Fund will reduce its fund balance by $2,208,870.
Procurement
N/A
Attachments:
1. Ordinance No. 2020-46 First Reading
2. Ordinance No. 2020-46 Second Reading
Prepared by: Lisa Herrmann, Budget Administrator
Department Director: Kimberly Ferrell, Finance Director