Title
Amending the 2024 Saint Paul Regional Water Services (SPRWS) adopted operating budget to reflect accurate fringe close-out in SPRWS's capital project accounting units in the amount of $171,582.
Body
WHEREAS, the 2024 SPRWS budget was adopted by the SPRWS Board of Water Commissioners on September 12, 2023, and approved by the Saint Paul City Council on December 6, 2023; and
WHEREAS, SPRWS applies a fringe closeout function to capital accounting units in order to properly reflect employee expenses and capitalize costs at the end of the fiscal year; and
WHEREAS, the 2024 Adopted Budget had accounted for all employee expenses, apart from a small portion of corresponding fringe close-out expense; and
WHEREAS, the adjustments presented result in an increase of $171,852 in spending which will be financed from use of fund balance; now, therefore, be it
RESOLVED, that the Board of Water Commissioners does hereby recommend amendment to its 2024 Adopted Budget, resulting in an increase in spending and financing of $171,582 to the 2024 Adopted Budget, resulting in an amended budget of $218,482,236 the details of such are attached, and does recommend approval by the Saint Paul City Council.
Financial Analysis
See Attachment.