SUBJECT
title
Approval of Year-End Budget Adjustments for Utilities FY 25, including a CIP Amendment and Operating-to-Capital and Operating-to-Debt Service Transfers ($1,589,454 one-time transfer from reserves; $928,723 transfer within existing operating funds)
body
DESCRIPTION
As the fiscal year concludes, staff has reviewed the Utilities FY 25 budget to identify necessary year-end adjustments that more accurately reflect actual revenues and expenditures. These adjustments are required to ensure compliance with budgetary regulations.
Operating Adjustments ($928,723 - No Fiscal Impact; Within Budgeted Funds)
• Debt Service Transfer:
o A transfer of $917,854 from operating to debt service
• Inter-Cost Center Transfer
o Transfer $5,805 from Northwest cost center to the Southwest cost center
• Operating-to-Capital Transfer
o Transfer $5,064 from operating to capital Combeewood cost center
CIP Adjustments ($1,589,454 - One-Time Transfers from Reserves)
RECOMMENDATION
Staff recommends the Board approve the following:
1. A Capital Improvement Program (CIP) Amendment and budget transfer totaling $1,589,454 from connection fee reserves and ARP reserves to reconcile the Utilities FY 25 CIP budget.
2. A budget transfer of $928,723 within the Utilities operating budget to reconcile debt service and capital needs.
FISCAL IMPACT
$1,589,454 one-time transfer from reserves (connection fee and ARP reserves).
$928,723 budget transfer within existing Utilities operating funds (no additional fiscal impact).
These adjustments will ensure the Utilities FY 25 budget is properly reconciled.
CONTACT INFORMATION
Charles Richards
Utilities Customer Services and Finance Manager
863-298-4135
charlesrichards@polk-county.net <mailto:charlesrichards@polk-county.net>