Broward County Commission Regular Meeting
Director's Name: Norman Foster
Department: Office of Management and Budget
Information
Requested Action
title
A. MOTION TO ADOPT budget Resolutions within the Internal Service Funds in the amount of $69,347 to amend revenues and appropriations prior to the close of the Fiscal Year.
B. MOTION TO ADOPT budget Resolution within the Debt Service Funds in the amount of $4,681 to amend revenues and appropriations prior to the close of the Fiscal Year.
body
Why Action is Necessary
Budget amendments are required whenever existing revenue sources are increased or decreased, resulting in a change in the total appropriations of a fund.
What Action Accomplishes
The primary purpose of this budget amendment is to make year-end adjustments to facilitate the year-end closing process.
Goal Related Icon(s)
☐County Commission
☐Go Green
☐MAP Broward
Previous Action Taken
None
Summary Explanation/Background
Staff presents three budget amendments per year to the Board. The third budget amendment is for the purpose of making year-end adjustments to various revenues and appropriations.
THE OFFICE OF MANAGEMENT AND BUDGET RECOMMENDS APPROVAL OF THE FOLLOWING YEAR-END ACTIONS WITHIN THE INTERNAL SERVICE AND DEBT SERVICE FUNDS.
|
Fund |
Transfer to General Fund |
Adjustment to Reserves |
Grand Total |
|
50100 - Fleet Services Fund |
107,668 |
(107,668) |
- |
|
50200 - Print Shop Fund |
14,590 |
(14,590) |
- |
|
Grand Total |
122,258 |
(122,258) |
- |
The preceding table reflects funds with a budgeted adjustment to reserve to fund a transfer to the General Fund to reimburse for additional group insurance costs incurred in Fiscal Year 2024.
Internal Services
RISK MANAGEMENT FUND (50015) - $69,347 - Additional accrued interest earnings are budgeted to fund a transfer to General Fund to reimburse for additional group insurance costs incurred in Fiscal Year 2024.
EMPLOYEE BENEFITS FUND (50025) - $0 - An adjustment is budgeted to fund a transfer to General Fund to reimburse for additional group insurance costs incurred in Fiscal Year 2024.
Debt Services
2007A GENERAL OBLIGATION BONDS (21010) - $4,681 - Estimated accrued interest is budgeted and appropriated to transfer any remaining balance to General Fund to close out this inactive fund prior to year end closing of Fiscal Year 2025.
Source of Additional Information
Norman Foster, Director, Office of Management and Budget, (954) 357-6346
Fiscal Impact
Fiscal Impact/Cost Summary
The fiscal impact is detailed above in the Summary Explanation/Background section of the agenda item.