AGENDA #6
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TO: |
Roger L. Stancil, Town Manager |
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FROM: |
Kay Johnson, Finance Director |
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SUBJECT: |
Revenue adjustments and reallocations |
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DATE: |
May 23, 2007 |
The purpose of this document is to provide context and supporting information regarding a revision in, and reallocation of, revenue estimates.
Through a clerical error, the revenue line for the Planning Department’s licenses/permits/fines reflected an expected amount of $20,000 in the recommended budget. The recommended budget should have been recorded as $200,000. We are recommending that the additional $180,000 be allocated to high priority issues as follows: $40,000 to assist in the development of the Youth Council and other Parks & Recreation initiatives, $60,000 to create a contingency reserve for the Manager’s office, and $80,000 towards fuel reserves. Given the volatile market for unleaded gasoline – which is heavily used within the General Fund, but not within Transportation – we are recommending that last item as a contingency.
That the Council approve the requested revisions discussed above.