Fort Walton Beach Resolution — 06-24 - Year End Budget Amendment — reading text

grant award, Council on January 25, 2005, to install a sewage pump- out facility at the approved by not carried over into 2005- 2006. Landing of the $311, 471 of which $1, 113 in expenses were e. The Utility Fund requires a $ 1, 053,060 amendment due to the bond money earmarked for This annual renewal and replacement only recognized $ 245, 000 carryover funds last year. the remaining $ 780,000 of renewal and replacement funds year the City needs to recognize forward and $ 273,060 of water system funds to allow the total bond proceeds to be carried and available. THERE IS HEREBY APPROPRIATED $ 1, 179,373 appropriated &om unrestricted net from assets of the Utilities Fund, increasing the original Budget amount by $ 1, 179,373 6,999, 740 to $8, 179,113. SECTION 7. a The Sanitation Fund pension costs increased $ 16,500 due to the early out retirement option for the for general plan as approved by Council on June 14, 2005 and an actuarial estimate investment of the few general plan increasing due the poor performance past years. with the b The Sanitation Fund has experienced an increase of $45, 500 in fuel and oil costs rise in petroleum costs during the year c The Sanitation Fund anticipates $ 230,000 in expenditures in excess of the amount originally exceed original budget estimates for budgeted and will continue to incur additional costs that Dennis Landfill fees due to additional volume of debris in the aftermath of two hurricanes and Katrina. Page 3  d Sanitation had a dump truck budgeted with a plan to trade-in one of the old trucks but due to a fire in the vehicle the trade-in amount was not available. The City received insurance proceeds from the loss and will use $ 6, 000 of the proceeds to cover the additional expense. e Council approved on April 11, 2006, for the Sanitation Fund to forgive advances to the Golf Fund of $172,810. THERE IS HEREBY APPROPRIATED $ 464, 810 & om 6,000 from insurance proceeds and $ unrestricted net assets of the Sanitation Fund, increasing the original Budget amount by 470, 810 from $ 4,152, 896. 3,682,086 to $ SECTION 8. a The Golf Fund pension costs increased $ 14, 500 due to the early out retirement option for general plan as by Council on June 14, 2005 and an actuarial estimate for the approved general plan increasing due the poor investment performance of the past few years b The Golf Fund has experienced an increase in utility costs of $21, 600 associated with the cost to produce electricity which is associated with the rise in petroleum costs during the year. c The Golf Fund has experienced an increase in fuel and oil costs of $15, 500 with the rise in petroleum costs during the year. d Council approved April 11, 2006, to forgive advance from the General Fund of $100, 000. e Council approved April 11, 2006, to forgive advance from the Sanitation Fund of $172, 810. THERE IS HEREBY APPROPRIATED $ 272,810 transfers from other funds and $ 51,600 from unrestricted net assets of the Golf Fund, increasing the original Budget amount by 324, 410 from $2, 606,429 to $2,930,839. SECTION 9. This resolution shall take effect immediately upon approval by the Council and signature by the mayor. d;Jp~t ATTEST: fft~ MIKE. ANDERSON ciency: DISPOSITION C": I"":". . Page 4