Fort Walton Beach Resolution — 2023-17 Final Budget FY 2023-24 — reading text

RESOLUTION 2023- 17 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA, ADOPTING THE BUDGET FOR CERTAIN EXPENDITURES, EXPENSES, CAPITAL IMPROVEMENTS AND CERTAIN INDEBTEDNESS FOR THE CITY OF FORT WALTON BEACH, FLORIDA, FOR THE YEAR BEGINNING OCTOBER 1, 2023 AND ENDING SEPTEMBER 30, 2024; AND PROVIDING AN EFFECTIVE DATE WHEREAS, each fiscal year, the City is required to adopt a budget for the operation of the City government; and WHEREAS, the City held a public Budget Policy Meeting on June 20, 2023 and a public Budget Workshop on August 7, 2023 to discuss the FY 2023- 24 budget. The City held public budget hearings on September 12, 2022 and September 26, 2022 to formally adopt the FY 2023- 24 comprehensive budget as required by Section 200.065 of the Florida Statutes; and WHEREAS, the document entitled " City of Fort Walton Beach FY 2023- 24 Budget" comprises the total amount of$ 56,300, 597 for all funds reported; and WHEREAS, it is the desire for the City Council for the City of Fort Walton Beach, Florida to adopt a final budget for the fiscal year beginning October 1, 2023 and ending September 30, 2024. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WALTON BEACH, FLORIDA: Section 1. Adoption of Budget The City Council hereby approves and adopts the final FY 2023- 24 budget for the City of Fort Walton Beach, Florida entitled " City of Fort Walton Beach FY 2023- 24 Budget" which comprises the total amount of$ 56,300, 597 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 2. 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 3. 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 4. Debt Service a. Debt service for the General Fund will be paid from operating revenues from the General Fund. b. Debt service for the Utilities, Sanitation and Stormwater Enterprise Funds will be paid from operating revenues from the Enterprise Funds.  RESOLUTION 2023- 17 Section 5. Carryovers a. Projects 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, 2023 and will be continued and made a part of the FY 2023- 24 budget. The document entitled " City of Fort Walton Beach FY 2023- 24 Grant & CIP Project Carryovers" dated September 26, 2023 comprises the total amount of$ 7, 478, 128 for all funds reported. 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, 2023 and will be continued and made a part of the FY 2023- 24 budget. The document entitled " City of Fort Walton Beach FY 2023- 24 Encumbrance Carryovers" dated September 26, 2023 comprises the total amount of$ 17, 192, 202.42 for all funds reported. Section 6. Effective Date This resolution shall become effective on and after October 1, 2023. Adopted: 6e,ii-ev., 13t r alciao13 le-- 4-/ e-' Richard A. Rynearson, ayor Attest: Approved fr fo..'•, legal sufficiency 7 NIP' its.._ •= W44 . 0 Kim M. '. arnes, City Clerk /%// a . imberly Romano Kopp, Interim City Attorney Y FLt3Ei1R ..