Title
Approval of Budget Revision 2025-45 to Transfer Earmarked Funds in the Economic Development Division in General Fund to the Economic Development Fund Line
Recommended Action
I move that Council approve Budget Revision 2025-45 to transfer available funding for the Economic Development Projects in the amount of $9,226,250 and include Attachment A as part of minutes of this meeting.
County Manager's Recommendation
The County Manager recommends that Council approves budget revision 2025-45 as requested.
Body
Los Alamos County has earmarked funds beginning in Fiscal Year 2020 for Economic Development Initiatives if funds were available. The funding was not expended and carried over each year.
The funding was increased as follows:
FY2020 $1,500,000
FY2021 $1,500,000
FY2022 $1,545,000
FY2023 $1,545,000
FY2024 $1,545,000
FY2025 $1,591,350
Total $9,226,250
This transfer will allow tracking through the separate Economic Development Fund. There is no fiscal impact as these funds were previously budgeted and included in current and prior year budgets.
Alternatives
Council could choose not to approve some or all of the attached budget adjustment. The impact would be that related projects or programs may not occur or existing operations may be negatively impacted.
Fiscal and Staff Impact/Planned Item
The fiscal impact is detailed in Attachment A.
Attachments
A - Budget Revision 2025-45