LEGISLATIVE ACTION ITEM
SPONSOR: Grover C. Robinson, IV, Mayor
SUBJECT:
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SUPPLEMENTAL BUDGET RESOLUTION NO. 18-62 - FY 2019 NON-ENCUMBERED CARRYOVER BUDGET RESOLUTION
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RECOMMENDATION:
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That City Council adopt Supplemental Budget Resolution No. 18-62
A RESOLUTION AUTHORIZING AND MAKING REVISIONS AND APPROPRIATOINS FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2019; PROVIDING FOR AN EFFECTIVE DATE.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
At the November 8, 2018 City Council Meeting, City Council adopted an unencumbered carryover budget resolution. The attached supplemental budget resolution addresses items that were not addressed in the November resolution.
In the November 8, 2018 non-encumbered carryover resolution, estimated unexpended appropriations were carried forward to the new fiscal year. Final carryover amounts have been determined and additional balances remaining for the Eastside TIF Fund, Westside TIF Fund, CRA Series 2017 Project Fund and the Stormwater Capital Projects Fund are being carried forward.
In the Local Option Sales Tax Fund, $835,000 in appropriations have been shifted to the LOST Series 2017 Project Fund to appropriate remaining bond funds. Additionally, appropriations for Corinne Jones Park in the Local Option Sales Tax Fund were decreased as there were excess funds carried forward in November and within both the Local Option Sales Tax Fund and the LOST Series 2017 Project Fund appropriations for Morris Court were increased, based on final FY 2018 balances. At FYE 2018, there is an available balance of $246,106 in the LOST IV projects and $4 was added to the Police Marked Vehicles within the Penny for Progress Series due to rounding issues between the Encumbered and Non-Encumbered carryover resolutions adopted in November 2018.
PRIOR ACTION:
September 19, 2018 - City Council formally adopted a beginning FY 2019 Budget on Budget Resolution No. 18-40.
November 8, 2018 - City Council adopted Supplemental Budget Resolution No. 18-48 covering purchase orders payable.
November 8, 2018 - City Council adopted Supplemental Budget Resolution No. 18-50 covering unencumbered carryovers.
FUNDING:
N/A
FINANCIAL IMPACT:
Approval of the supplemental budget resolution provides for a balanced budget for Fiscal Year 2019.
CITY ATTORNEY REVIEW: Yes
11/26/2018
STAFF CONTACT:
Christopher L. Holley, City Administrator
Richard Barker, Jr., Chief Financial Officer
ATTACHMENTS:
1) Supplemental Budget Resolution No. 18-62
2) Supplemental Budget Explanation No. 18-62
PRESENTATION: No end