ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller with a Request to ADOPT an ORDINANCE Amending the City of Peoria BUDGET for Fiscal Year 2015 Relating to OUTSTANDING ENCUMBRANCES as of December 31, 2014, in the Amount of $10,440,774.00.
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BACKGROUND: As part of the annual year-end closing process, the Finance Department compiles the actual amount of outstanding encumbrances after all financial information has been entered and processed for the current year. The Finance Department has determined that the actual amount of outstanding commitments for the City of Peoria at December 31, 2014 is $10,440,774.00 and is now submitting an ordinance to amend the 2015 budget. Below is the breakdown by fund of the encumbrances that actually rolled forward as of December 31, 2014.
The detail is attached for your review.
General Fund $ 1,053,641
CDBG/HOME Fund $ 101,615
State Motor Fuel Tax Fund $ 2,080,830
Sewer Fund $ 1,508,628
Capital Fund $ 4,866,140
Southtown TIF Fund $ 517,670
Central Business District TIF Fund $ 45,441
Local Motor Fuel Tax Fund $ 74,474
Northside Business Park TIF Fund $ 11,000
2014 A G.O. Bond Project Fund $ 181,335
Total $10,440,774
FINANCIAL IMPACT: The City of Peoria's Fiscal Year 2015 Budget will be amended to include $10,440,774 in Outstanding Obligations.
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: Compliance with governmental accounting standards in recognizing outstanding commitments.
IMPACT IF DENIED: Failure to recognize outstanding commitments.
ALTERNATIVES: N/A
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City Government, Effective City Organization
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Have an efficient government.
DEPARTMENT: Finance