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08-19-23-Ordinance-Adopting the Fiscal Year 2023-2024 Budget-08/21/2023CITY OF SANGER, TEAS ORDINANCE No. 08-19-23 AN ORDINANCE OF THE CITY OF SANGER, DENTON COUNTY, TEXAS, ADOPTING THE BUDGET PROVIDING FOR THE APPROPRIATION OF FUNDS FOR OPERATING AND CAPITAL EXPENDITURES FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2023 AND ENDING SEPTEMBER 30, 2024, PROVIDING FOR THE INTRA- AND INTER -DEPARTMENT AND FUND TRANSFERS, PROVIDING FOR UNEXPECTED REVENUES SUCH AS GRANTS, DONATIONS, AND INSURANCE PROCEEDS, PROVIDING FOR AN EFFECTIVE DATE, AND PROVIDING FOR APPROVAL OF THE INVESTMENT POLICY. WHEREAS, the City of Sanger (the "City") is a home rule municipality regulated by state law and Charter; and WHEREAS, pursuant to the laws of the State of Texas and the City Charter, the budget covering proposed expenditures for the fiscal year beginning October 1, 2023, and ending September 30, 2024, was filed with the City Secretary; and WHEREAS, budget workshops were conducted by the City Council on the proposed budget at which time the proposed budget was fully considered; and WHEREAS, in accordance with the provisions of the City Charter and the Local Government Code, the City Council of the City of Sanger, Texas published notices of public hearings on the budget and conducted public hearings in accordance with City Charter and state statutes; and WHEREAS, Chapter 2256 of the Texas Government Code, commonly known as the "Public Funds Investment Act," requires the City to review its investment policy and investment strategies not less than annually; and WHEREAS, the Public Funds Investment Act requires the governing body to adopt a written instrument by rule, order, ordinance, or resolution stating that it has reviewed the investment policy and investment strategies and that the written instrument shall record any changes made to either the investment policy or investment strategies; and WHEREAS, the attached City of Sanger Investment Policy is in compliance with the Public Funds Investment Act and requires no changes to either the investment policy or investment strategies; and WHEREAS, The City has implemented Governmental Accounting Standards Board Statement 54, Fund Balance Reporting and Govermnental Fund Type Definitions (GASB 54) and Fund balance categories under GASB 54 are Nonspendable and Spendable and classifications under the Spendable category are Restricted, Committed, Assigned, and Unassigned and these classifications reflect not only the nature of funds, but also provide clarity to the level of restriction placed upon fund balance; and Ordinance 08-19-23 Adopting 2023-2024 Budget Page 1 of 3 WHEREAS, the City Council finds that passage of this Ordinance is in the best interest of the citizens of Sanger. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SANGER, TEXAS: SECTION 1. That the City Council adopts the budget for the City of Sanger, Texas, a copy of which is on file in the office of the City Secretary and which hereinafter referred to as the "Budget" for the fiscal year beginning October 1, 2023, and ending September 30, 2024. SECTION 2. That the budget presented by the City Council and reviewed during the public hearing is hereby approved and adopted for the Fiscal Year 2023-2024. General Fund $ 13,058,097 Debt Service Fund $ 15900,782 Enterprise Fund $ 151639,325 Enterprise Debt Service Fund $ 2,364,672 Internal Service Fund $ 3,735,630 44 Fund $ 189,625 4B Fund $ 557,625 Capital Projects Fund $ 5,637,401 Enterprise Capital Projects Fund $ 15,677,910 Special Revenue Funds $ 112,000 SECTION 3. That the City Manager be authorized to make intra and inter -department fund transfers during the fiscal year as becomes necessary in order to avoid over expenditure of any department's total budget. SECTION 4. That the City Manager be authorized to increase the budget for items received during the year that have a corresponding revenue and expenditure such as Grants; Donations, and Insurance Proceeds received for property damage. SECTION 5. That the City Manager be authorized to sign contracts up to $50,000 for services and projects authorized in the budget. SECTION 6. That the City of Sanger has complied with the requirements of the Public Funds Investment Act and the City Council has reviewed the investment policy and investment strategies and there are no changes to either the investment policy or investment strategies. SECTION 7. In circumstances where an expenditure is to be made for a purpose for which amounts are available in multiple fund balance classifications, the order in which resources will be expended is as follows: restricted fund balance, followed by committed fund balance, assigned fiend balance, and lastly unassigned fund balance. When it is appropriate for fund balance to be assigned, the City Council hereby delegates the authority to the City Manager. The following fund balances are committed: Equipment Replacement Funds, Library Building Expansion Funds, Beautification Board Funds, all Donated Funds, and Capital Projects Funds. SECTION 8. It is hereby declared to be the intention of the City Council that the sections, paragraphs, sentences, clauses, phrases and words of this Ordinance are severable and, if any word, phrase, clause, sentence, paragraph, or section of this Ordinance shall be declared Ordinance 08-19-23 Adopting 2023-2024 Budget Page 2 of 3 unconstitutional by the valid judgment or decree of any court of competent jurisdiction, such unconstitutionality shall not affect any of the remaining portions of this Ordinance, since the same would have been enacted by the City Council without the incorporation in this Ordinance of any such unconstitutional word, phrase, clause, sentence, paragraph, or section. SECTION 9. This ordinance will take effect immediately from and after its passage and the publication of the caption, as the law and Charter in such case provides. SECTION 10. The City Council of the City of Sanger, Texas met in a public meeting on August 21, 2023, and adopted this ordinance with a majority vote as follows: Council Member Marisa Barrett AYE NAY Council Member Gary Bilyeu AYE ✓ NAY Council Member Dennis Dillon AYE ✓ NAY _ Council Member Allen Chick AYE V' NAY Council Member Victor Gann AYE NAY ABSTAI N ABSTAIN ABSTAIN I_\: III_\1►� ABSTAIN ABSENT ABSENT ABSENT ABSENT PASSED AND APPROVED by the City Council of the City of Sanger, Texas on this 21St day of August 2023. ATTEST: City Secretary APPROVED: Thomas E. Muir, Mayor Coleman, City Ordinance 08-19-23 Adopting 2023-2024 Budget Page 3 of 3