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ITEM: RESOLUTION NO. R2024-26 (FY 2023/2024 MID-YEAR BUDGET AMENDMENT)
A RESOLUTION OF WELLINGTON, FLORIDA'S COUNCIL AMENDING THE FISCAL YEAR 2023/2024 GENERAL FUND, ACME FUND, PROFESSIONAL CENTRE FUND, AND ROAD IMPACT CAPITAL FUND BUDGETS; REALLOCATING UTILITIES CAPITAL PROJECT BUDGETS; AND PROVIDING AN EFFECTIVE DATE.
REQUEST: Approval of Resolution No. R2024-26 amending the FY 2023/2024 General Fund, Acme Fund, Professional Centre Fund, Utilities, and Road Impact Fund budgets as presented.
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EXPLANATION: Budget amendments required during the fiscal year to maintain operations are presented here as a combined mid-year budget amendment. Adjustments to the budgets for Tennis programs, the Lake Wellington Professional Centre demolition, Acme property assessments, Utilities emergency expense, Utilities capital expense, and Road Impact capital project expense are requested to complete Fiscal Year 2023/2024 within budget and fund additional projects.
A. Current year budget estimates for Tennis Program Contracts were based on participation projections made in early 2023. Since that time, Tennis programs have experienced higher participation and program contractor costs than initially forecast. Based on revised projections for the remainder of the fiscal year, an additional $80,000 in program contractor expense is expected, which will generate approximately $110,000 in additional program revenues. The revenue collected in excess of expenditures for the recreation contracts will reduce the budgeted use of fund balance in the General Fund by $30,000.
B. The Lake Wellington Professional Centre (LWPC) leasing operations ceased on December 31, 2023. Prior to the closure, lease revenues did not meet the budgeted revenue total, falling short by $179,000. Additionally, demolition expenses exceeded the adopted expense budget by $118,000. This mid-year budget amendment includes the transfer of $297,000 from the General Fund Unassigned Fund Balance to the ...
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