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ITEM: RESOLUTION NO. R2025-19 (FY 2024-2025 MID-YEAR BUDGET AMENDMENT)
A RESOLUTION OF WELLINGTON, FLORIDA'S COUNCIL AMENDING THE FISCAL YEAR 2024-2025 GENERAL FUND, GOVERNMENTAL CAPITAL FUND, SOLID WASTE FUND, SHIP FUND, AND SALES SURTAX CAPITAL FUND BUDGETS FOR MID-YEAR PROJECT AND PROGRAM CHANGES; AND PROVIDING AN EFFECTIVE DATE.
REQUEST: Approval of Resolution No. R2025-19 amending the FY 2024-2025 budgets for the General Fund, Governmental Capital Fund, Solid Waste Fund, SHIP Fund, and Sales Surtax Funds 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, insurance proceeds, storm debris removal, and capital projects in progress, are requested to complete Fiscal Year 2024-2025 within budget.
A. Current year budget estimates for Tennis Program Contracts were based on participation projections made in the prior year. 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, and will generate up to $110,000 in corresponding revenues, adding $30,000 to projected General Fund balance.
B. In October 2024, the field lighting equipment at Olympia Park was vandalized. Property insurance partially reimbursed the expenses in the amount of $54,900. The budget amendment will increase the maintenance budget to offset the cost of repairs.
C. The agreement with Wellington Athletics to construct the Sports Academy with bond funding allows for the interest earned on the bond proceeds to be allocated to the project as received. Over the past two years, approximately $2.7 million in interest earnings has accumulated on the unspent proceeds. Additionally, about $13,000 in debt issuance costs was refunded a...
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