Executive/Council Action Form (ECAF)
ITEM TITLE:
Title
Ordinance 24-007, related to the 2023 Budget; making an emergency appropriation in the Evergreen State Fairgrounds Capital Improvements and Operating Reserve Fund 180 to authorize expenditure of prior year surplus revenues and admission tax revenues to support costs associated with the Fairgrounds
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DEPARTMENT: Department of Conservation and Natural Resource
ORIGINATOR: Jana Notoa
EXECUTIVE RECOMMENDATION: Lacey Harper 1/26/24
PURPOSE: The purpose of this ordinance is to request additional appropriation authority in the General Fund 002 for 2023, for additional expenditures related to 2022 Fairgrounds’ operating surplus, which exceeded the amounts transferred in 2022.
BACKGROUND: Each year, Parks and Finance staff work together in assessing the surplus operating revenues for the fairgrounds and attached is the DCNR-Parks Division 2023 Fiscal Recap for the Evergreen State Fairgrounds. In 2022, Admission Tax revenue of $ 200,000 was transferred as a budgeted operating transfer out to Fund 180; which was less than the $235,828 actually collected, requiring the additional amount of $35,828 to be transferred. Of the total 2022 Operating Surplus of $1,255,119, a transfer took place in 2022 of $382,330 leaving a remaining operating surplus of $872,789 to be recognized. An Emergency Appropriation in General Fund 002 and Fairgrounds Cumltv Reserve Fund 180 in the amount of $908,617 will provide the operating transfer and spending authority for the balance of surplus and admission tax funds to be recognized. Through this action and the accompanying Ordinance, the surplus balance of operating revenues can be transferred for expenditure authority into the Fairgrounds Reserve fund for Capital Improvements per SCC 4.87.050 (2)
FISCAL IMPLICATIONS:
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EXPEND: FUND, AGY, ORG, ACTY, OBJ, AU |
CURRENT YR |
2ND YR |
1ST 6 YRS |
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002.5169905543 Transfer Out - Fund 180 |
$908,617 |
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180.5095456501 Construction |
$908,617 |
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TOTAL |
$908,6178 |
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REVENUE: FUND, AGY, ORG, REV, SOURCE |
CURRENT YR |
2ND YR |
1ST 6 YRS |
|
002.3169900800 Beginning Fund Balance |
$908,617 |
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180.3095459720 Transfer In-Fund 002 |
$908,617 |
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TOTAL |
$908,617 |
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DEPARTMENT FISCAL IMPACT NOTES: Click or tap here to enter text.
CONTRACT INFORMATION:
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AMENDMENT |
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OTHER DEPARTMENTAL REVIEW/COMMENTS: Reviewed/approved by: Finance (Nathan Kennedy 1/26/24) and Prosecuting Attorney as to form (George B. Marsh 1/5/24).