Nephi City implemented modifications to its Fiscal Year 2023 budget to ensure the financial plan matched actual revenues and expenses. These amendments addressed various departmental needs, including new funding for the Hive and the Fleet.
Revenue adjustments included increases for the GIS/Infrastructure Inspector and City Planner. Recreation Program Fees exceeded the original budget, and PAR Tax budget revenue was increased to match actual collections. Additionally, several utility revenue accounts were increased because of higher development fees.
Fund Balance accounts were increased to account for unexpected expenses due to inflation or other reasons, budget errors, the use of carryover balances, and transfers to the Capital Projects Fund.
Expense modifications were made across several areas. Various General Fund Departments saw increased expenses due to capital purchases, the addition of the City Planner, increased demand for services, budget errors in the Police department, or higher than expected inflation.
In the Capital Projects Fund, many projects were adjusted to reflect actual costs. A major adjustment was made for Recreation Improvements to account for a bond payment to the Juab School District for construction costs related to The HIVE. PAR Tax contributions to Arts were also increased to match the grant.
Utility accounts also saw increases due to project-related expenses, additional employee positions, development costs, and inflationary pressures.
