65A - CARRYOVER FUNDING TO FY - Laserfiche WebLink

Home Browse Search

Appropriation Adjustments to Carryover Unspent Amounts from FY18-19 to FY19-20 September 17, 2019 Page 3 spending obligation. In turn, the unused Gas Tax revenue will be available for high priority street repair during FYI 9-20. With the $2.0 million appropriation requested above, the General Fund will have sufficient budget to reclassify up to $2.5 million in Street Repair expenditures (Gas Tax — Fund 029 and Select Street Construction — Fund 059 funds). The City Council established a Cannabis Public Benefit Fund to spend one-third of adult -use and commercial cannabis tax revenue on youth programs, and one-third on enforcement. Ordinance No. NS-2959 requires contributions to the Public Benefit Fund beginning in FYI 9-20. To date, the City has collected $4,615,664 of FY18-19 tax revenue for adult -use and related commercial business activities, which was programmed for General Fund purposes. One-third of that tax revenue is $1,538,555. The City Council may consider using a portion of the unexpected General Fund revenue outlined above to make an additional FY 19-20 contribution of $1.0 million to the Cannabis Public Benefit Fund, for youth spending. There is a public desire for more efforts to address the impacts of homelessness. Staff recommends appropriating $1.0 million from the unexpected revenue for FYI 9-20 QOLT efforts. STRATEGIC PLAN ALIGNMENT Approval of this item supports the City's effort to meet Goal #4 — City Financial Stability, Objective #1 — Maintain a stable, efficient and transparent financial environment. FISCAL IMPACT Carryover Appropriation FY 2018-19 to FY 2019-20 There is no net fiscal impact associated with this action related to carryover of unspent appropriations. The previously authorized expenditures will simply be spent in a later period, which only affects the timing of cash flow. Appropriation Adjustment Upon Council Approval, the following budgets will 20 (Exhibit 3 & 4): FY 2018-19 Fund / Department • AMES — Fund 050 Funding Source: General Fund / Miscellaneous Appropriate to: • General Fund / Public Works Budget • General Fund / Community Development • General Fund / Public Works be augmented during FY 2018-19 and FY 2019- Amount Activity $1.9 million re -appropriate budget $4.0 million Available Revenue $2.0 million Street Repair $0.5 million Homeless - QOLT $0.5 million Homeless - QOLT 65A-3