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.
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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.
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,1 . Coniglio, ayor / Danielle H. Moore, Town Council President
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Margaret • .idman, Council President Pro Tern
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Juh- :IF* • , Council Member 7
ATTEST: Lewis S. W. Cramp •n, Town Council ember
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Kathleen Dominguez, Town rk V Bobbie Lindsay, Town Co i ncil Member
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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