Item Coversheet

Council Communication

Department: Finance
Case/Project No.:
Submitted by: Finance Department / Kristi Meckna 		Resolution 22-127
ITEM 5.H.		Council Action: 5/9/2022
Description

Resolution to approve the proposed amendment to the current city budget for the fiscal year ending June 30, 2022.

 

Background/Discussion

The City of Council Bluffs is proposing an amendment to the City of Council Bluffs budget for the fiscal year ending June 30,2022.

 

General fund expenditures exceed revenues by $2.0M, reflective of the following:

  • Loss of $2.3M franchise tax due to contract changes to cap a large technology company at $500K annually.
  • Timing of project spend and use of general fund dollars as the funding mechanism.
  • Salaries and benefits true-up.
  • Workers compensation increased $200K due to high cost claims.

 

 Additional highlights for the proposed budget amendment is contained in the FY22 Amended Budget packet.

Recommendation

Per the State of Iowa, municipalities are required to submit an amended budget if/when expenditures are projected to be over budget. In order to comply with this requirement, staff recommends approval of the FY22 proposed budget amendment. Upon approval, the amended budget will be filed with the State of Iowa and Pottawattamie County. 
ATTACHMENTS:
DescriptionTypeUpload Date
FY22 Amended BudgetOther5/2/2022
Resolution 22-127Resolution5/3/2022