FM20060523 2005 Budget AmendMemorandum
To: Finance Committee/Common Council
CC: Mayor Damaske and Administrator Sheiffer
From: Sharon Mueller, Finance Department Supervisor
Date: 05/19/2006
Re: 2005 Budget Amendments
For the year ending December 31, 2005, the City's General fund balance increased by
$778,462. The increase includes transfers in of $116,782 from the Cable fund and $203,905
from the Capital Improvement special revenue fund. I am recommending a budget
amendment of $320,687 to remove the General fund transfers in. The impact of this budget
amendment would still allow for a net increase in the General fund balance of $457,775. In
addition, the dollars kept in the special revenue funds would allow extra reserves for future
use.
The other budget amendment to the General fund is to account for $110,802 of major road
improvement expenditures that exceeded the budget. This amendment will be funded out of
contingency.
Additional special revenue fund budget amendments include $175,105 of Park Dedication
expenditures to cover costs associated with the old town hall and SKate ooard park; $2,504
for oversight audit fees in the Landfill fund; and, $142,497 for payouts of terminated/retired
employee banked vacation and sick leave in the Compensated Absences fund. The net
result ofthe combined special revenue fund budget amendments, including the $320,687
discussed in the first paragraph, is $581 added to fund balance.
The Debt Service fund will require a $19,947 budget amendment for additional interest
payments on the 2005 $1,585,000 borrowing. The offset is to use of fund balance in the
Debt Service fund.
Lastly, a budget amendment of $205,393 in the Capital Borrowing fund is to account for the
final audited invoice of the Woods Road Reconstruction project.
Please contact me with any questions you may have regarding the budget amendments noted
above.
May 20061temized
CITY OF MUSI(EGO
2006 Budget Amendments
General Fund
Transfers To (Debit)
100.20.80.00B209
Trf from Cable Fund
116.782 - Surplus Revenues in G_F.
100.20.80.00.8220
Trf from Capital Improvement Fund
203,905 - Expenditures under budget
100.04.51.02.6502
Major Road Improvement
110,802 - Major Road Improvements higer than budgeted
431,489
Transfer From (Credit)
100.20.80.00.8001
Use Df Fund Balance
320,687
100.09.61.00.6601
Contingency
110,802
431,489
Special Revenue Funds
Cable Fund
(Credit)
209.30.00.00.9101 Transfer to General Fund
Debit
Use of fund balance - Cable
Capital Improvement Fund
(Credit)
116,782 -Costs associated with Cable Dept
116,782
116,782
116,782
220.30.00.00.9101
Transfer to General Fund
203,905 - Capital costs in operating budget
203,905
Debit
Use of fund balance - Capital Improv
203,905
203.905
Park Dedication Fund
(Credit)
Use of fund balance - Park Dad
175.105
175,105
Debit
202.08.94.74.6538
Parks - Other Projects
175,105 - Old Town Hall/Skate Board Park
175,105
Landfill Fund
(Credit)
Use of fund balance - Landfill
2,504
2.504
Debit
210.03.00.00.5816
Landfill Oversight Audit
2,504 -Audit fees higher than anticipated
2,504
Compensated Absences fund
(Credit)
Use of Fund Balance - Comp Abs
142,497
142,497
Debit
270.01.00.00,5103
Employee Payout
134,455 Allow for payout ofemployee terminations
270.01.0000.5201
FICA
8,042
142,497
Debt Service Fund
Debit
301.07.85.00.7002
Interest Expense
- 19,947 Additional Intereston 2005 $1,585k Bnvng
19,947
(Credit)
Use of fund Balance
19,947
19,947
Capital Borrowing Fund
(Credit)
Use of Fund Balance
205,393
205,393
Debit
401.08.93.51.5502
Woods Road Reconstruction
205,393 Addtle funds required - WI D.O.T. Invoice
205,393
2005 Budget Amendments.xls