Updated May 11 at 12:58 p.m. to include quote
At Tuesday's Georgetown City Council meeting the first reading of an item to reallocate over $5.6 million dollars was approved as an amendment to the 2016-17 fiscal year budget.
Georgetown Finance Director, Leigh Wallace explained that budget amendments can be made when needs were unknown at the time the original budget was adopted and may include legal obligations of the City, as well as adding to personnel.
“It is normal for unforeseen issues to come up mid-year," Wallace said. "This budget amendment allows the City to meet current obligations, respond to critical needs associated with growth, and puts us in a better financial position by increasing two of our reserves.”
Amendments were made to the following funds:
- General Fund
- General Capital Projects Fund
- Joint Services Fund
- Council Discretionary Fund
- Self Insurance Fund
- Tourism Fund
- Village Public Improvement District Fund
- South Georgetown Tax Increment Reinvestment Zone Fund
- Water Fund
- Electric Fund
A more specific breakdown of the reallocations can be found on the
city website.
