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Budget Resolutions to True Up Fund Balances for FY 2023-24
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BRIEF OVERVIEW
The Office of Management and Budget (OMB) conducts financial analysis to adjust current fiscal year (FY24) budgets to align with the balances remaining, or reduced, from FY23, after Finance completes the fiscal year close process for the prior year (FY23). 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 FY24 budget is $14,785,869, of which $9,352,791 is General Fund.
FINANCIAL IMPACT
The first resolution is only for the General Fund (GF) & the second resolution is for non-General Fund departments. The overall increase to the FY24 budget is $14,785,869, of which $9,352,791 is General Fund.
The financial impact on individual funds/departments is attached, along with the applicable resolutions. These adjustments make the balances current, as of the end of FY23, and current updates needed in FY24.
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 then Chairperson’s signature on the attached two budget resolutions for FY24 Mid-Year True Up.