Memorandum
Date: July 9, 2024
To: The Honorable Lake County Board of Supervisors
From: Susan Parker, County Administrative Officer
Subject: Adopt Resolution Amending Resolution 2023-116 Adopting the Final Recommended Budget for Fiscal Year 2023-24 to Decrease Revenue and Reserves in Fund 153
Executive Summary: Your Board's Adopted Budget for FY 2023/24 authorized repayment of a $90,000 loan. $90,000 were loaned by Fund 153 (Building and Infrastructure) to Fund 936 (CDBG Capital Projects). Resolution 2023-116 (Adopted by your Board September 19, 2023) increased the reserve account in Fund 153 by $90,000 (found on PDF page 2 of the attached document, "Fund Summary Final Recommended Budget 2023-24"), in consideration of funds received from the loan repayment.
Loan repayment was completed in FY 2023-24 and accrued to FY 2022-23. Therefore, an adjustment to reserves and revenue is necessary to end FY 2023-24 with a balanced budget.
Staff recommends your Board Adopt the attached Resolution Amending Resolution 2023-116 ("Resolution Adopting the Final Recommended Budget for Fiscal Year 2023-24") to Decrease Revenue and Reserves in Fund 153.
If not budgeted, fill in the blanks below only:
Estimated Cost: ________ Amount Budgeted: ________ Additional Requested: ________ Future Annual Cost: ________
Purchasing Considerations (check all that apply): ? Not applicable
? Fully Article X.- and/or Consultant Selection Policy-Compliant (describe process undertaken in "Executive Summary")
? Section 2-38 Exemption from Competitive Bidding (rationale in "Executive Summary," attach documentation, as needed)
? For Technology Purchases: Vetted and Supported by the Technology Governance Committee ("Yes," if checked)
? Other (Please describe in Executive Summary)
Consistency with Vision 2028 (check all that apply): ? Not applicable
? Well-being of Residents ? Public Safety ? Disaster Prevention, Preparedness, Recovery
? Economic Development ? Infrastructure ? ...
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