Fort Walton Beach Resolution — 2019-11--FY 19-20 Tentative Budget — reading text

RESOLUTION 2019- 11 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA, ADOPTING THE TENTATIVE BUDGET FOR CERTAIN EXPENDITURES, EXPENSES, CAPITAL IMPROVEMENTS AND CERTAIN INDEBTEDNESS FOR THE CITY OF FORT WALTON BEACH, FLORIDA, FOR THE YEAR BEGINNING OCTOBER 1, 2019 AND ENDING SEPTEMBER 30, 2020; AND PROVIDING AN EFFECTIVE DATE. Section 1. Purpose Priar to the beginning of a new fiscal year, the City is required to pass and adopt a budget for the operation of the City government. The City held a public budget workshop on August 26, 2019 to discuss the FY 2019- 20 budget. The City held a public budget hearing September 4, 2019 as required by Section 200.065 of the Florida Statutes. Section 2. Tentative Tax Rate The City Council set the tentative t rate at 5. 6395 mills for property assessed as of January 1, 2019. Section 3. Adoption of Budget The document entitled " City of Fort Walton Beach FY 2019-20 Budget" comprises the total amount of$47,231, 660 for all funds reported. The budget is being presented as a balanced budget whereby there are sufficient revenues to offset all estimated expenditures or expenses. All budget appropriations are based upon the total expenditures and/ or expenses even though the budget has been prepared based on line items and summarized to a categorical level. Section 4. Budget Amendments a. The City Council may make any amendments to the adopted budget, by resolution, as it may deem necessary and proper. b. Budget amendments requesting additional expenditures or expenses must also identify the corresponding funding source. Section 5. Budget Transfers Budget transfers shall be accomplished pursuant to Administrative Policy FIN- 13 as provided by Resolution 2011- 19 adopted by the City Council on August 16, 2011. Section 6. Debt Service Debt service for the General Fund will be paid from operating revenues and/ or transfers from the Debt Service Fund. Debt service for the Utilities and Stormwater Enterprise Funds will be paid from operating revenues from the Enterprise Funds. Section 7. Carryovers a. Projects that were not completed during the prior fiscal year are carried forward and appropriations of the prior year. These are are funded with the corresponding carryover commitments anticipated to be incomplete as of September 30, 2019 and will be continued and made a part of the FY 2019- 20 budget. The document entitled " City of Fort Walton Beach FY 2019- 20 Grant & CIP Project Carryovers" dated September 4, 2019 comprises the total amount of$ 7, 565, 927 for all funds reported.  RESOLUTION 2019- 11 b. Encumbrances ( open purchase orders) that were not completed during the prior fiscal year are carried forward and are funded with the corresponding carryover appropriations of the prior year. These are commitments anticipated to be incomplete as of September 30, 2019 and will be continued and made a part of the FY 2019-20 budget. The document entitled " City of Fort Walton Beach FY 2019- 20 Encumbrance Carryovers" dated September 4, 2019 comprises the total amount of$ 1, 946, 347.43 for all funds reported. Section 8. Effective Date T'his resolution sha11 become effective on and after October 1, 2019. Adopted: SQ`- E- ernber l. q Ct' Richard A. Rynearson, ayor Attest: Approved for form, lega ciency Kim . Barnes, City Clerk H yw d Dykes, Jr., C' tto A' WAL t N c o /% i e c' - s ss T fiLOR A