City Council Meeting Date: December 6, 2016
To: Mayor and City Council
City Administrator
From: Melanie Lammers, Finance Director
Title
Consider 2016 Budget Amendment for Special Revenue Funds
Body
Action Requested:
The Northfield City Council considers approving the attached resolution amending the 2016 budget for Special Revenue Funds initially adopted on December 1, 2015. The resolution requires a super majority (5/7) for approval.
Summary Report:
Here is the second budget amendment resolution for 2016. The two funds on this resolution require the use of fund balance, therefore, a super majority (5/7) vote to pass.
SPECIAL REVENUE FUNDS
Library Gift Fund
• Lowering investment interest to line up with actual more accurately.
• Increasing expense to account for a grant that was received in 2015, but not included in the 2016 expense budget.
M Houston Trust Fund
• Increasing expense budget to encompass what was actually spent.
Alternative Options:
Council can choose not to pass the budget amendment. It is recommended council move forward and pass the amendment as it is a best practice.
Financial Impacts:
This amendment will bring the actual revenue and expense in-line with the books.
Tentative Timelines:
Staff would like to have the amendment passed before the end of 2016.