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Budget Resolution to True Up Fund Balances for FY 2024-25
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BRIEF OVERVIEW
The Office of Management and Budget (OMB) conducts financial analysis to adjust current fiscal year (FY25) budgets to align with the balances remaining, or reduced, from FY24, after the Finance Department completes the fiscal year close process for the prior year (FY24).
The General Fund (GF) revenues are budgeted at 95% each year; hence, the positive balance is somewhat associated with the remaining 5% coming forward, along with any unspent budget line items, or adjustments, needed. The overall increase to the FY25 budget is $14,513,766, of which $3,510,132 is General Fund. Please note that the General Fund expense side was intentionally adjusted off by $595 to balance the fund.
FINANCIAL IMPACT
The attached resolution is for the General Fund and non-General Fund departments. The overall increase to the FY25 budget is $14,513,766, of which, $3,510,132 is General Fund.
The financial impact on individual funds/departments is attached, along with the applicable resolution. These adjustments make the balances current, as of the end of FY24, and current updates needed in FY25. OMB will follow up with any account that is negative as a result of this adjustment. Notable adjustments to the GF include:
• Procurement Open Gov software cost of $66,000 that needed a budget update
• Admin design for $200,000
• Transit funds for $8,100
• Funds to move a modular building for $24,071
• Transfers from Non-GF departments to GF totaling $875,000 toward the ERP system
• Budget to zero out the Animal Services budget deficit after closing out the transition in the amount of $58,194
• Carry forward Hernando County Sheriff’s Officer Cyber security carryover in the amount of $220,000
• Carry forward slab foundation for Veteran Park Fitness Court for $50,000
• Carry forward Coach Lorenzo Hamilton Sr. Park Roof in the amount of $55,000
• Medicaid Remittance Increase in the amount of $123,452.
The attached file is ready to apply in Finance+; hence, upon approval, the adjustments can be applied upon approving in the system.
LEGAL NOTE
The Board is authorized to act on this matter pursuant to Sec. 129.06, Florida Statutes.
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RECOMMENDATION
It is recommended the Board approve and authorize the Chairman’s signature on the attached budget resolution for FY25 Mid-Year True Up.