Coversheet

Resolution

NO. 144


	A Resolution approving Fiscal Year 2016-2017 year end budget adjustments for the City's General Fund, Major Street Fund, Local Street Fund, Narcotics Forfeiture Fund, and Kellogg Arena Fund.


	BATTLE CREEK, MICHIGAN - 6/20/2017

Resolved by the Commission of the City of Battle Creek:

That unforeseen events necessitate adjustments to the City's budget from time to time. This resolution approves year end adjustments in the General Fund (101), Major Street Fund (202), Local Street Fund (203), Narcotics Forfeiture Fund (265), and Kellogg Arena Fund (296) for the fiscal year ending June 30, 2017 as presented below:

General Fund (101)

Interest income - decrease ($13,000)

City Clerk - decrease ($38,000)

Finance department - increase $25,000

Fund Balance - no effect

Major Street Fund (202)

Revenues decrease ($191,764)

Expenditures increase $97,650

Fund Balance decrease ($289,414)

Local Street Fund (203)

Revenues increase $428,644

Expenditures decrease ($300,057)

Fund Balance increase $728,701

Narcotics Forfeiture Fund (265)

Revenues decrease ($50,000)

Fund Balance decrease ($50,000)

Kellogg Arena Fund (296)

Expenditures increase $80,000

Fund Balance decrease ($80,000)

I, Victoria Houser, City Clerk of the City of Battle Creek, hereby certify the above and foregoing is a true and correct copy of a Resolution adopted by the Battle Creek City Commission at a Regular meeting held on June 20, 2017.

Victoria Houser


	Battle Creek City Commission 6/20/2017 Action Summary

Staff Member:	Linda A. Morrison, Finance Director
Department:	Finance

SUMMARY

A Resolution approving Fiscal Year 2016-2017 year end budget adjustments for the City's General Fund, Major Street Fund, Local Street Fund, Narcotics Forfeiture Fund, and Kellogg Arena Fund.

BUDGETARY CONSIDERATIONS

Unexpected events dictate the necessity for budget adjustments before year end. These adjustments are expected to alleviate any revenue and/or expenditure-over-budget situations in the general and special revenue funds for the year ending June 30, 2017 based on revised and updated estimates. The general fund adjustments include interest income reductions based on lower than anticipated rates of return on investments, clerk expenditure reduction for election equipment purchases not needed, finance expenditure increases for priority based budgeting software and MERS sustainability analysis. All combined, these items have a net impact to general fund fund balance of zero.

Major and local streets adjustments are in anticipation of gas tax revenue increases and expenditure reductions due to a rather mild winter.

Narcotic Forfeiture fund revenues are anticipated to be lower than budget, and Kellogg Arena expenditures are anticipated to be higher than budget. The Kellogg Arena amendment was approved by the Cereal City Development Corporation (CCDC) at their regular board meeting on May 19, 2017.

HISTORY, BACKGROUND and DISCUSSION

As was discussed at the Commission budget workshop on May 18, 2017, this year-end budget adjustment resolution is necessary to alleviate any anticipated over-budget expenditure and/or revenue situations in preparation for the annual financial audit.

DISCUSSION OF THE ISSUE

POSITIONS

ATTACHMENTS:
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