ACTION REQUESTED:
Title
Communication from the City Manager and Finance Director/Comptroller to ADOPT an ORDINANCE Amending the City of Peoria Budget for Fiscal Year 2014 Relating to OUTSTANDING ENCUMBRANCES as December 31, 2013, in the Amount of $12,695,514.00.
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BACKGROUND:
As part of the annual year-end close 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, 2013 is $12,695,514 and is now submitting on ordinance to amend the 2014 budget. Below is the breakdown by fund of the encumbrances that actually rolled forward as of December 31, 2013. The detail is attached for your review.
General Fund $ 871,515
CDBG/HOME Fund $ 166,359
State MFT Fund $ 1,180,395
Sewer Fund $ 1,025,028
Capital Fund $ 8,138,862
Southtown TIF Fund $ 275,587
Central Business Dist TIF Fund $ 45,177
Warehouse District TIF Fund $ 745,208
Local MFT Fund $ 247,383
Total $12,695,514
FINANCIAL IMPACT: The City of Peoria's Fiscal Year 2014 Budget will be amended to include $12,695,514 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