Page 107 - CityofColleyvilleFY23AdoptedBudget

Name FY2021 FY2022 Amended FY2022 FY2022 FY2023 FY2022
Ac tuals Budget Ac tuals Projec ted Budgeted Amended
Budget vs.
FY2023
Budgeted (%
Change)
Capital Outlay $101,942.58 $30,340.00 $42,589.02 $42,589.02 $32,808.70 8.1%
Transfer to Other $2,014,706.00 $2,014,706.00 $2,014,706.00 $2,014,706.00 $514,706.00 -74.5%
Funds

Total Expense
$23,674 ,986 .41 $25,130,143. 89 $24 ,989,094 .03 $24 ,989,094 .03 $25, 297,424 .02 0.7%
Objec ts:

Fund Balance

Projections

$12 .5M

$10M

$7.5M

$5M

$2 .5M

$0
FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
Unassigned

Per the City's Financial Policies, Colleyville's General Fund must keep a total of 90 "days" worth of fund balance on hand
in case of emergencies. This essentially means the City needs the ability to run its General Operations for a total of 3
months with no income. Typically, the General Fund's balance remains steady from year to year. However, the past
several years have shown a few anomalies that resulted in balance uctuations. First, the Fund had accumulated a
balance that substantially exceeded its requirement, and staff has been directed to move that funding to the 5-year
capital improvement plan. The second anomaly came in the form of Federal assistance in response to the COVID
pandemic. The United States Congress passed the American Rescue Plan Act (ARPA) in March of 2021, resulting in a
total of $3.7m being allocated to Colleyville as Federal aid for the economic effects COVID had on the City. Per Federal
guidance, the City utilized the funds to pay for rst responder pay as well as extensive grants to local businesses and
direct aid to residents. The largest portion of these funds were realized in the General Fund before being transferred
elsewhere. Both of these anomalies resulted in what appeared to be draw-downs in fund balance when in reality the
funding was simply moved elsewhere in the City. Staff fully anticipates maintaining the General Fund balance at or
above the 90-day requirement.

Financial Summar y FY2019 FY2020 FY2021 FY2022 FY2023 % Change
— — — — —
Fund Balance

Total Fund Balance: $9,102 ,499 $7,7 18 , 325 $10, 233,533 $7,735,498 $8 ,665, 860 12 %

City of Colleyville | Budget Book 2023 Page 107