City Council Work Session

Gwen RiddlestaffGood evening, Mayor and Council. Would you like me to bring up the staff report or are you good? Just talking. Okay. Just want to make sure. So I'm here to talk about the fall supplemental appropriations. There's two items on our appropriations. The first is the allocation of the housing trust fund that was approved on September 22nd. So it's $542,000, $524,000 of previously received proffers that will be used to fund this trust fund. So that will be moved over on the general fund. The second piece is to create a school's fund separate from the general fund. What this will allow us to do is put our financial data in line between our reporting, our ACFER, our annual financial report, and our budget document.

Right now, they do not align. The ACFER has certain requirements, so we're matching the ACFER. It's a net zero dollars to the city. So there's no new funding. There's no new money we're asking for as part of this. It is moving about 8% of general fund dollars that are currently general fund dollars, but are reported as schools, to a separate fund. It's in line with other jurisdictions and other areas of the way they look at their school funds. We've made some other significant changes on the general fund to kind of just give you an idea of how we've been changing the budget and making things more aligned is moving the operating out of CIP into the general fund. We've also created a debt service fund to consolidate.

the general fund still pays their share, but we're consolidating to show fully what the city is paying for debt service, not just by enterprise or by area. So just kind of a few options. So again, this is a zero effect. It's administrative just to get it on the books. But any questions? Happy to take them.