From
Lisa Norris, Human Resources Director
Title
Ordinance amending the FY 2017/2018 Risk Management Fund Operating Budget to modify the "Approved Revenues" from $4,536,073 to $3,678,008, and the "Approved Expenditures" from $3,513,891 to $3,819,308 to result in a modified "Ending Resources" of $1,888,581
Presenter
Lisa Norris, Human Resources Director
Recommended Action
Approve
Analysis
The 2017/2018 Risk Management Fund is being amended to modify the "Approved Revenues" from $4,536,073 to $3,678,008, and the "Approved Expenditures" from $3,513,891 to $3,819,308 to result in a modified "Ending Resources" of $1,888,581. These changes are primarily due to FEMA failing to provide reimbursement as expected from the flood event in prior years, and miscellaneous increases and decreases on expenditures in Auto-Related, Liability, Property and Workers Compensation losses as shown on Attachment 1 - 17/18 Risk Management Fund Amendment." Attachment 2 is the overall fiscal year 2018/2019 Risk Management Fund Summary that reflects the modifications in Column 1 for 2017/2018 (Actual), and subsequently rolls the FY 2017/2018 new "Ending Resources" of $1,888,581 up to the "Beginning Resources" in column 2, row 1 for the current budget year (FY 2018/2019). Formal modifications needed to the current budget year (FY 2018/2019), if any, will be completed following fiscal year-end once final revenues and expenses are recorded.
This item is set to be reviewed by the Finance and Government Committee on the same day, prior to Council consideration.
Financial Consideration
Funding for the FY 2017/2018 Risk Management Fund budget appropriation amendment is available by absorbing the net difference of revenues versus expenses within the Ending Resources as reflected in Attachment 1.
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS, AMENDING THE FY 2017/2018 RISK MANAGEMENT FUND REVENUES TO $3,678,008 AND THE TOTAL APPROPRIATIONS TO $3,819,308
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS:
SECTION 1. That the FY 2017/2018 Risk Management Fund be amended by modifying total revenues to $3,678,008 and increasing total appropriations to $3,819,308, THEREBY DECREASING ENDING RESOURCES TO $1,888,581.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 5TH DAY OF MARCH, 2019.