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Item 10 Approval of General Fund Budget Reallocation ocoee florldo AGENDA ITEM COVER SHEET Meeting Date: January 18, 2022 Item #: /Q Reviewed By: Contact Name: Rebecca Roberts, Department Director: Rebecca Ro Finance Director y^; Contact Number: City Manager: R = Subject: Approval of General Fund Budget Reallocation Background Summary: At the close of each fiscal year,Finance reconciles the budget to actual results for the year. The FY 2021 reconciliation revealed the Fire Department exceeded it projected budget by $310,052.06. The overage was primarily in Personal Services due to an increased demand for EMS transport services, offset by higher than anticipated EMS transport revenues $295,839.84. In addition, Legal Expenses exceeded budget by$2,020.93 for the year. There is sufficient residual budget available in the General Fund to offset these overages with no effect on the overall FY 21 general fund budget. Therefore, Finance is seeking Commission authorization to reallocate $312,072.99 of residual budget from Police Personal Services to cover the overages in the Fire and Legal expenditure lines. The additional $295,839.84 in revenue will be allocated to the City's fund balance. Issue: Should the Commission approve reallocating$312,072.99 of residual budget from Police Personal Services lines of coding to cover FY21 budget overages in Fire and Legal lines of coding. Recommendations: Staff recommends Commission approve reallocating $312,072.99 of residual budget from Police Personal Services lines of coding to cover FY21 budget overages in Fire and Legal lines of coding. Attachments: None. Financial Impact: There will be no impact on the overall general fund FY21 budget. Type of Item: (please mark with an `x') ❑ Public Hearing For Clerk's Dept Use: ❑ Ordinance First Reading Consent Agenda ❑ Ordinance Second Reading ❑ Public Hearing ❑ Resolution 0 Regular Agenda Z Commission Approval ❑ Discussion&Direction ❑ Original Document/Contract Attached for Execution by City Clerk O Original Document/Contract Held by Department for Execution Reviewed by City Attorney Reviewed by Finance Dept. �g p n `«>cArz_, Reviewed by 2