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Home My WebLink About24-092 Resolution Amending the 2024 BudgetCITY OF LAKEVILLE RESOLUTION NO. ZL ` 05� Resolution Amending the 2024 Budgets BE IT RESOLVED by the City Council of the City of Lakeville, Minnesota as follows: 1. The 2024 budget for the General Fund is hereby amended for the fiscal year ending December 31, 2024 as per Exhibit A, as attached hereto. 2. The 2024 budgets for construction/improvement or other projects are hereby amended for the fiscal years ending December 31, 2024 as per Exhibit A, as attached hereto. 3. The 2024 budgets for all funds are hereby amended to reflect the actual January 1, 2024 fund balance. ADOPTED by the Lakeville City Council this 1611 day of September 2024. CITY OF LAKEVILLE: J Luke M. Hellier, Mayor ,- pl� Ann Orlo s y, City Clerk (1) Equipment Fund- Electronic Poll Pads Amend the Equipment Fund budget to include the amount paid to the County in 2024 for replacement of electronic poll pads used for elections. A) Expenditures: Capital Outlay - General government, BU 4100 Revenues: Fund balance 20,003 20,003 Exhibit A (2) Pavement Management Fund- large Cities TAA State Aid Funds Amend the Pavement Management Fund budget to include the amount received from the State in July 2024 for transportation assistance. Staff intends to use the funds on pedestrian crossing safety improvements and other road maintenance projects. A) Expenditures: Fund balance Revenues: Intergovernmental Revenues -5300.4235 30,908 30,908 (3) Park Referendum Bonds transfer between projects Amend the Park Bonds Fund budgets for transfers between Park Bond Funds to reflect the timing of bond spend down. Due to arbitrage requirements, there is a deadline for spending the bonds, and therefore, it is in the best interest of the City to spend the bond proceeds received earliest before the proceeds received later, despite which of the park referendum projects the bonds were originally allocated. A) Transfer Out (CPF, Park Bonds Fund BU 4704 Antlers Park 20220 bond proceeds) 1,276,203 Transfer In (CPF, Park Bonds Fund BU 4721 Grand Prairie Park 2022C bond proceeds) 1,276,203 B) Transfer Out (CPF, Park Bonds Fund BU 4704 Antlers Park 20220 bond proceeds) 1,133,383 Transfer In (CPF, Park Bonds Fund BU 4705/4711 Trail Gaps 20220 bond proceeds) 1,133,383 C) Transfer Out (CPF, Park Bonds Fund BU 4705/4711 Trail Gaps 2023A bond proceeds) 1,133,383 Transfer In (CPF, Park Bonds Fund BU 4721 Grand Prairie Park 2023A bond proceeds) 1,133,383 D) Transfer Out (CPF, Park Bonds Fund BU 4706/4712 Ritter Farm ELC, 2023A bond 1,789 proceeds) Transfer In (CPF, Park Bonds Fund BU 4721 Grand Prairie Park 2023A bond proceeds) 1,789 (4) 2022C bond proceeds transfer between street projects Amend the Improvement Construction Fund budgets for transfers between 24-02 and 22-02 and 22-03 to reflect the timing of bond spend down. Due to arbitrage requirements, there is a deadline for spending the bonds, and therefore, it is in the best interest of the City to spend the bond proceeds received earliest before the proceeds received later, despite which of the street projects the bonds were originally allocated. 2022C bonds will be spent first on the 2024 street reconstruction project, and if additional costs are incurred on projects 22-02 and 22-03, 2024A bonds will be spent to complete those projects. The transfers of 2024A bonds will ONLY occur uo to the actual costs incurred on 22-02 and 22-03 durini.; 2024 which is not exuected to exceed the amounts below. A) Transfer Out (CPF, Improvement Construction Fund BU 6585, Project 22-02, 2022C bond proceeds) Transfer In (CPF, Improvement Construction Fund BU 6595, Project 24-02, 2022C 14,128 bond proceeds) B) Transfer Out (CPF, Improvement Construction Fund BU 6586, Project 22-03, 2022C 361,914 bond proceeds) Transfer In (CPF, Improvement Construction Fund BU 6595, Project 24-02, 2022C 361,714 bond proceeds) Exhibit A C) Transfer Out (CPF, Improvement Construction Fund BU 6595, Project 24-02, 2024A 361,914 bond proceeds) (86,493) Transfer In (CPF, Improvement Construction Fund BU 6590, Project 22-03,2024A 361,714 bond proceeds) (665,886) D) Transfer Out (CPF, Improvement Construction Fund BU 6595, Project 24-02, 2024A 14,128 bond proceeds) Transfer In (CPF, Improvement Construction Fund BU 6585, Project 22-02, 2024A 14,128 bond proceeds) (5) Reclassification of intra -entity cash flows The adopted 2024 budgets include transfers into the General Fund from Enterprise and Special Revenue Funds for services provided by General Fund departments (IT support, HR support, City Hall building overhead, other General Fund department staff support). Recent clarification from GFOA (Government Finance Officers Association) indicates that these internal resource flows should be recorded as cost allocations instead of transfers. This change results in NO net impact to the General Fund, however, Staff needs a formal budget amendment for 2024 to correct the presentation. The amounts by fund are listed below. Budgets as adopted include the following transfers IN to General Fund: FROM SPECIAL REVENUE FUNDS FROM LIQUOR FUNDS FROM UTILITY FUNDS FROM INTERNAL SERVICE FUNDS Amounts above that will be shifted to cost allocations into the following funds: 2024 86,493 184,626 665,886 30,000 967,005 Expenditures' General Fund Information Systems Support- Personnel/Commodities/Other contractual (172,890) General Fund Human Resources Support - Personnel/Commodities/Other contractual (201,768) General Fund General Gov't Facilities - Personnel/Commodities/Other contractual (104,474) General Fund City Administration Support - Personnel/Commodities/Other contractual (77,902) General Fund City Council Support - Personnel/Commodities/Other contractual (6,945) General Fund Finance Insurance Admin- Personnel (30,000) General Fund Engineering Support- Personnel/Commodities/Other contractual (33,651) General Fund GIS Support- Personnel/Commodities/Other contractual (196,710) General Fund Street Support- Personnel/Commodities/Other contractual (142,665) (967,005) "Amounts are summarized here and will be recorded to various expenditure accounts based on cost type. Remove transfers IN to General Fund FROM SPECIAL REVENUE FUNDS (86,493) FROM LIQUOR FUNDS (184,626) FROM UTILITY FUNDS (665,886) FROM INTERNAL SERVICE FUNDS (30,000) (967,005) Expenditures: Liquor Fund- Payment in lieu of taxes (property tax expense) 54,410 Revenues: General Fund- 1000.4350 (Charges for services) 54,410 (6) Remove transfer from Utility funds for ERP as this will be recorded as a cost allocation out of the General Fund instead. No net impact to the General Fund. Expenditures: Finance (28,158) Revenues: From Utility Funds (28,158)