Title
AN ORDINANCE TO AMEND THE BUDGET OF THE CITY OF DULUTH FOR YEAR 2016 BY INCREASING THE BUDGET BY $500,000 FOR FUNDING AN ENERGY PLAN.
Body
CITY PROPOSAL:
The City of Duluth does ordain:
Section 1. That ordinance 10427 passed and approved December 14, 2015, is hereby amended by appropriating an additional $500,000 from the general fund’s fund balance as follows:
Department 700 - Transfers and Other Functions $500,000
Section 2. That this ordinance shall take effect immediately upon its passage.
Statement of Purpose
STATEMENT OF PURPOSE: This ordinance will increase the city’s general fund appropriation authority by $500,000. The budget amendment would be paid from additional fund balance generated due to better than expected 2015 performance.
2015 revenues came in higher than budgeted due to our strong economic growth and development activity, which resulted in higher general sales tax collections. The City also received an increase in state aids including the state insurance premium tax.
This ordinance will amend the 2016 budget to include an additional $500,000 for financing a long-term energy plan that will improve the city’s energy efficiency, which will yield future environmental and fiscal benefits.