TO: Honorable Mayor & Members of the North Port Commission
FROM: Peter D. Lear, CPA, CGMA, City Manager
TITLE: Ordinance No. 2020-19 Amending the Non-District Budget for FY 2019-20 to Transfer $50,000 from the General Fund Contingency Account for an Economic Development Feasibility Study.
Recommended Action
Continue Ordinance No. 2020-19 amending the non-district budget for FY 2019-20 to second reading on May 26, 2020.
Recommended Action on Second Reading
Approve and adopt Ordinance No. 2020-19 on second reading.
Background Information
Funds were budgeted for an Economic Development Strategic Plan Update in Fiscal Year 18-19. As discussed with Commission, a Feasibility Study was recommended in lieu of the strategic plan and as the update was not done at that time, funding was returned to the General Fund Fund Balance. Since the prior funding was returned to fund balance at the end of the year, the funding needs to be budgeted in order to move forward as directed.
The intent of this Feasibility Study is to provide for a study testing viability for certain/specific targeted industry sectors and incentives for the City of North Port. The study outcomes are specifically related to: increasing new business to the area; diversification of business; expansion of existing businesses; and adding higher-wage jobs.
Recommended Changes for Second Reading
Study will be funded by a transfer from the General Fund Contingency account and not from reserves.
Strategic Plan
Affordability, Growth and Development
Financial Impact
If adopted, this budget amendment will transfer $50,000 from the General Fund Contingency account to the professional services account in Economic Development.
Procurement
N/A
Attachments:
1. Ordinance No. 2020-19 First Reading
2. 2020-19 Exhibit A First Reading
3. 2020-19 General Fund Fund Balance Report
4. Ordinance No. 2020-19 Second Reading
5. 2020-19 Exhibit A Second Reading
Prepared by: Lisa Herrmann, Budget Administrat...
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