Loading...
Ordinance 17-2018 Budget ORDINANCE NO. 17-2018 AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF PALM BEACH, PALM BEACH COUNTY, FLORIDA, PROVIDING FOR AN AMENDMENT TO THE TOWN'S BUDGETS ADOPTED FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2017, AND PROVIDING AN EFFECTIVE DATE. WHEREAS, it was necessary for the Town of Palm Beach to adopt budgets for the fiscal year commencing October 1, 2017; and WHEREAS, the Town Council of the Town of Palm Beach, Florida, deems it necessary and appropriate to amend said budgets to provide appropriations adequate for the authorization of expenditures necessary for conducting Town operations for the fiscal year ending September 30, 2018; and WHEREAS, the budget amendment is necessary to fund unanticipated costs associated with the Health Insurance Trust(OPEB); and WHEREAS, said budget amendments are required to be approved by ordinance. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF PALM BEACH, PALM BEACH COUNTY,FLORIDA,AS FOLLOWS: Section 1. The foregoing recitals are hereby ratified and confirmed. Section 2. The Health Insurance Trust(OPEB)for the fiscal year commencing October 1, 2017, is hereby amended and adopted pursuant to the attached Exhibit "A", attached hereto and made a part of this ordinance. Section 3. Effective Date. This ordinance shall take effect immediately upon passage and approval as provided by law. Page 1of2 Ordinance 17-2018 PASSED AND ADOPTED in a regular, adjourned session of the Town Council of the Town of the Palm Beach on first reading this 13th day of September, 2018, and for second and final reading on this 9th day of October, 2018. • ii. / thi_ . „ _ . / • cae �L Hf2,p ,1 . Coniglio, ayor / Danielle H. Moore, Town Council President Dl / I. /7' Margaret • .idman, Council President Pro Tern J 'i (....5_ R \ ` . , , � Juh- :IF* • , Council Member 7 ATTEST: Lewis S. W. Cramp •n, Town Council ember • G1i(!U1(V , /5ii_............., Kathleen Dominguez, Town rk V Bobbie Lindsay, Town Co i ncil Member hy,1C.-wt - .. Page 2 of 2 Ordinance 17-2018 Exhibit A Town of Palm Beach, Florida Health Insurance Trust Budget Amendment October 1,2017-September 30, 2018 Adopted Amended Budget Budget FY2018 Change FY2018 Revenues Town Funding 960,000 - 960,000 Retiree Funding 1,184,835 - 1,184,835 Medicare Reimbursement - - - Miscellaneous Revenue - - - Gain/(Loss)on Investments 500,000 - 500,000 Total Revenues 2,644,835 - 2,644,835 Expenditures Salaries and Wages 80,986 - 80,986 Employee Benefits 2,048,557 525,000 2,573,557 Contractual 87,627 - 87,627 Commodities 300 - 300 Total Expenditures 2,217,470 525,000 2,742,470 Total Reveues over/(under) Expenses 427,365 - (97,635) Beginning Net Assets 29,304,772 - 29,304,772 Ending Net Assets 29,732,137 - 29,207,137