Sugar Land 4B Corporation

Agenda Request

Agenda Of:

December 16, 2009

Agenda Request No:

iv-A

Initiated By:

Jennifer Brown

Budget & Research Director

Responsible Department:

Budget & Research

Presented By:

Jennifer Brown

Budget & Research Director

Department Head:

Regina Morales

Director of Economic Development

Additional Department. Head (s):

Jennifer Brown

Budget & Research Director

Subject / Proceeding:

FY2009 Carryovers

Approval of FY2010 Budget Adjustment

Exhibits:

Summary of carryover Requests

Clearances

Approval

Legal:

N/A

Director:

Regina Morales

Budget

Expenditure Required: $

n/a

Amount Budgeted/Reallocation: $

n/a

Additional Appropriation: $

3,294,274

Recommended Action

Consideration and approval to adjust the FY2010 budget for carryovers totaling $3,294,274 in expenditures for the Sugar Land 4B Corporation.

Executive Summary

The corporation’s fiscal year ended on September 30, 2009. At that time there were operational and capital projects that were underway but not completed. These funds were included in the FY09 projections, but are not included in the FY10 budget. To ensure completion of these projects, a budget amendment is needed to appropriate $3,294,274 in the current year budget.

A summary of budgeted vs. actual fund balances follows:

	Budgeted	Actual	Variance
Ending Balance	856,495	4,400,469	3,543,974
CIP Carryover		(3,078,315)	(3,078,315)
Operating Expenditures		(215,959)	(215,959)
Available Funds	856,495	1,106,195	249,700

After the operating and capital project carryovers, the corporation will have a fund balance $249,700 higher than budgeted. The budget amendment will become effective upon approval by City Council, which is required by the Corporation’s bylaws.

Exhibits

SUMMARY OF CARRYOVER REQUESTS

Operating Expenditures	Amount
Entertainment District Funds	$ 165,427
Airport Branding	12,250
Economic Development office- design	11,500
Shop Sugar Land website	1,425
Broker Marketing Program	22,500
Aerial Map	2,857
Total Carryovers Requested	$ 215,959

For informational purposes, the balances on each open capital improvement project are shown below. Capital projects are budgeted on a project length basis rather than a fiscal year basis, and the funds that the corporation budgets to support each project needs to be carried over to facilitate completion of the projects as planned.

Capital Projects Funding	Balance
Land Acquisition- Brazos River Park	45,300
US90A Beautification	8,162
SH6/90A Grade Separation	190,078
Park Land Acquisition- Telfair	6,468
Cultural Arts Study	961
SH6 ROW Aesthetics	140,000
SH6/90A Beautification	400,798
Settlers Way Park	10,612
SH6 Traffic Signal Replacement	1,161,024
Museum of Natural Science	72,558
Joint Participation in CIP	25,009
SL Memorial Park Improvements	390,243
US90A Streetscape	627,101
Total Capital Projects Carryovers	$ 3,078,315