Memorandum
City of Lawrence
Finance
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TO: |
Lawrence City Commission
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FROM: |
Bryan Kidney, Finance Director
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CC: |
Tom Markus, City Manager Casey Toomay, Assistant City Manager
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DATE: |
June 13, 2018
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RE: |
2018 Budget Adjustments
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At the work session on June 12, 2018 the City Commission requested additional information on 2018 budget adjustments. Explanations for each proposed 2018 budget adjustment are outlined below.
|
Fund |
2018 Adopted |
2018 Revised |
Difference |
|
General Fund |
$75,205,000 |
$77,828,000 |
$2,623,000 |
|
Capital Improvement Reserve Fund |
6,481,000 |
9,689,000 |
3,208,000 |
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Library Fund |
4,233,000 |
4,313,000 |
80,000 |
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9 New Hampshire South TDD/TIF |
516,000 |
609,000 |
93,000 |
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9 New Hampshire North TDD/TIF |
0 |
268,000 |
268,000 |
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720 LLC NRA |
14,000 |
15,000 |
1,000 |
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900 Delaware Street NRA |
0 |
35,000 |
35,000 |
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City Parks Memorial Fund |
66,000 |
113,000 |
47,000 |
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Water & Sewer |
45,451,000 |
46,300,000 |
849,000 |
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Storm Water Utility |
3,215,000 |
3,237,000 |
22,000 |
General Fund
The transfer of 2017 end of year fund balance into the Capital Improvement Reserve Fund was increased by $2.6 million. These funds will be used to fund projects in accordance with the City’s Capital Improvement Plan and will be used to upgrade Riverfront for Municipal Court and the One Stop Shop for Planning & Development Services.
Capital Improvement Reserve Fund
Expenditures increasing due to 2017 projects being pushed out into 2018. There is approximately $3,000,000 for Kasold and approximately $250,000 for 19th Street from Iowa to Naismith.
Library Fund
Increased budget authority to spend carryover funds from previous years. Final amounts will be updated from adjusted audit balances.
Economic Development Funds
Several Economic Development funds were combined and shown together in the budget document. Those funds are now being shown as separate and distinct funds and therefore several adjustments had to be made and increased based on updated estimates.
The economic development funds being adjusted include: 9 New Hampshire South TDD/TIF, 9 New Hampshire North TDD/TIF, 720 LLC NRA, and 900 Delaware Street NRA.
City Parks Memorial Fund
Expenditures were increased to be able to spend funds received from a Rotary Arboretum Shelter grant.
Water & Sewer Fund
The increase is primarily attributed to an increase to the annual transfer to non-bonded construction in 2018 revised to cash fund projects. Additionally, debt service payments increased to help payoff existing debt in accordance with updated debt forecast schedules.
Storm Water Utility
The expenditures for debt service increased in 2018 revised to payoff existing debt that was issued in 2006.
Next Steps
On July 17, 2018 staff will bring forward an ordinance authorizing publication of the 2018 amended budget.