Special Board of Aldermen 08-23-2021 Page 6
TESTIMONY IN OPPOSITION - None
Chairman Dowd
I'll close the public hearing on Resolution R-21-160.
Alderman O’Brien
Hearing closed at 7:20 p.m.
R-21-162
RELATIVE TO THE RE-APPROPRIATION OF FISCAL YEAR FY2022 ESCROWS
Chairman Dowd
Mr. Griffin
John Griffin, CFO
Thank you Mr. Chairman and members of the Committee. John Griffin, CFO. This particular piece of
legislation historically was not a supplemental appropriation but our legal team, finance team felt it worthy
of one re-appropriates prior year escrows for a different purpose a supplemental appropriation is warranted.
As you can see from the legislation, the Mayor proposed approximately $5.3 million of unexpended
appropriations into various items. As the Mayor indicated during the budget process, there really wasn’t
enough room to properly fund CERF — our Capital Equipment Reserve Fund. Fortunate that due to maybe
a light winter or a few other things coming into our hands, we can put $3 million in CERF coupled with the
million dollar balance we’re projecting, we should be able to end Fiscal 2023 fund the very important pieces
of equipment and other things that are funded by CERF.
The remaining funds as we’ll see during the Budget Committee for other one-time purposes to include
sharing of matches with American Rescue Plan projects as well as other expendable trust fund deposits
that we know to include the Police Department, overtime, etc. Those funds are broken down into the
operating budgets where the appropriations were not spent and what's referred to as “other or multiple
departments” where unlike escrows we’re able to fund these projects.
The Mayor also requested that | send to you the like for like escrows that the Mayor is able to appropriate.
We appropriated about $5.2 million of like for likes. Mainly about half of it is to fund capital projects that are
ongoing — very important to the city and the other due to the pandemic there was programming, projects,
and other initiatives that were not able to be executed during the last year and half. So those have been
appropriated and the sum total of the appropriations is about $4.95 million. We'll definitely get into it during
the budget review but the first thing the Mayor does is he asks me what is our expected revenues that
exceed budget. That number is about $5.8 to $6 million. So we will be able to buy down the tax rate as we
normally do every year the first meeting in September. There could be other appropriations not spent as
we Clear up all the books and make the final journal entries but I’m in complete support of this proposal
having vetted all the projects with the team of directors and other contributors along with the Mayor. So
thank you.
Chairman Dowd
Thank you Mr. Griffin. Any questions from the Aldermen although we'll be getting this in more detail on the
budget meeting. Do you have a general question relative to the ordinance?
Alderwoman Lu
Thank you. | just wanted to — if you could just go over for me once more. Did you say there’s $5.8 million
