HomeMy WebLinkAbout03-05-18 City Commission Packet Materials - A2. Resolution 4887, Amending Budget for the TIF District for FY18Commission Memorandum
REPORT TO: Honorable Mayor and City Commission
FROM: Kristin Donald, Finance Director
SUBJECT: Commission Resolution No. 4887 – Amending the City’s Annual Budget
for the TIFD Downtown Fund Appropriations for the Fiscal Year Ending
June 30, 2018 (FY18).
MEETING DATE: March 5, 2018
AGENDA ITEM: Action
RECOMMENDATION: Approve Resolution No. 4887- Amending the City’s Annual
Budget for TIFD Downtown Fund Appropriations.
BACKGROUND:
Recently, FEMA proposed a floodplain map that would significantly impact a portion of
downtown including the eastern section of the Main Street Historic District. In coordination with
the City, the Downtown TIF District and the Downtown Business Improvement District (BID)
have expanded their scope of floodplain work that will further engage a consultant. With this
budget amendment, the Downtown TIF district is paying for a portion of the floodplain map
appeal. The TIF Board approved this budget amendment and the BID has allocated $10,000 for
this expanded scope as well.
ALTERNATIVES: Do not fund the project at this time.
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FISCAL EFFECTS: The current budgeted spending in the TIFD Downtown Fund will
increase by a total of $59,987. The FY18 estimated ending cash balance in the S Fund will be
decreased from $1,741,007 to $1,681,020.
Attachment: Resolution No. 4887
Report compiled on February 23, 2018
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COMMISSION RESOLUTION NO. 4887
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN,
MONTANA, AMENDING FISCAL YEAR 2018 (FY18) TIFD DOWNTOWN FUND
BUDGET TO INCLUDE ADDITIONAL EXPENDITURES OF $59,987.
WHEREAS, the City Commission did, on the 26th
day of June, 2017, after due and
proper legal notice, conduct a public hearing and adopt a municipal budget for Fiscal Year 2017-
2018 (Fiscal Year 2018); and
WHEREAS, the City Commission did, on the 5th day of March 2018, after due and
proper legal notice, conduct a public hearing on proposed amending the municipal budget.
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of
Bozeman, Montana, to wit:
Section 1 – Appropriation Changes
The City Commission of the City of Bozeman, Montana, does hereby
authorize the following changes to expenditures in the TIFD Downtown Fund:
Additions: This project and amount is added to the FY18 budget.
TIFD portion of Flood Plain Analysis $59,987
Total Appropriations Changes: $59,987
Section 2 – Use of Cash on Hand in the TIFD Downtown Fund
The increased appropriation will be funded with cash on hand in the TIFD Downtown
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Resolution 4887, Budget Amendment for TIFD Downtown Fund for FY18
Page 2 of 2
Fund.
Section 3
Pursuant to Section 7-6-4030, M.C.A., this resolution, upon its passage, shall be in full
force and effect on July 1, 2017.
Section 4
That should it be found by any court of competent jurisdiction that any section, clause,
portion, sentence, word, or phrase of this resolution is deemed to be contrary to any existing law
or regulations, that in this instance, it is the intent of the City Commission of the City of Bozeman,
Montana, that all other portions, sections, words, clauses, phrases, or paragraphs of this document
shall remain in full force and effect.
PASSED, ADOPTED, AND APPROVED by the City Commission of the City of
Bozeman, Montana, at a regular session thereof held on the 5th day of March, 2018.
___________________________________
CYNTHIA L. ANDRUS
Mayor
ATTEST:
_________________________________
ROBIN CROUGH
City Clerk
APPROVED AS TO FORM:
___________________________________
GREG SULLIVAN
City Attorney
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