Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Amending The Capital Improvement Projects Budgets For The Fiscal Year 2016 Adopted Budget (R-2015-294), Approving The Rollover Of Capital Improvement Plan Funds Previously Approved And Available At The End Of Fiscal Year 2015 To Fiscal Year 2016 For Capital Projects As Set Forth In Exhibits 1 And 2, And Revising Operating Revenues, Authorizing Budgetary Transfers, Reauthorizing And Re-Appropriating Certain Funding, And Providing An Effective Date.
Body
Staff Recommends: Approval of the Attached Resolution
Explanation:
This Resolution seeks authorization to amend the adopted Fiscal Year 2016 Capital Improvement Projects Budget. At the end of FY 2015 there are obligated but unexpended Capital Improvement Plan (CIP) Funds. The resolution authorizes the rollover of existing balances in various accounts related to the CIP. This rollover is necessary because capital improvement projects are long term and often span multiple years.
These projects have all been previously approved by the City Commission as part of the annual adoption of the CIP or as an amendment to an approved CIP. A portion of fund balance has been specifically reserved for these projects, as they were encumbered during prior fiscal years.
Recommended for inclusion on the agenda by:
Dr. Wazir Ishmael, City Manager
George R. Keller, Jr., Assistant City Manager for Finance and Administration
Matthew Lalla, Financial Services Director