AGENDA #4c

MEMORANDUM

 

TO:	Roger L. Stancil, Town Manager
FROM:	Kay Johnson, Finance Director
SUBJECT:	Year-End Budget Amendment for 2006-07
DATE:	June 27, 2007

 

 

The attached year-end budget amendments reflect changes in conditions, correction of errors, and technical accounting and budget adjustments for the General Fund that do not affect the overall current revenue and expenditure estimates for the funds as presented in the Manager’s Recommended Budget for 2006-07.  Below is a brief description of recommended adjustments by fund.

 

General Fund

 

In the General Fund, the attached amendment would:

• Transfer $5,200 from Public Works to the Manager’s budget to account for supplies that were expended in Public Works that should have been charged to the Manager’s budget. 
• Transfer $6,809 from the Engineering Department to the Planning Department to account for a budget carry-forward from 2005-06 that was included in the Engineering Department budget that should have been included in the Planning Department budget.
• Increase the budget for contributions to agencies by $9,450 to account for funds that should have been carried forward from 2005-06.
• Increase the budget for revenues and costs for traffic impact studies by $57,562 to account for receipts in excess of budget from builders.
• Increase appropriations for workers’ compensation costs for the following departments: Fire ($29,000), Police ($12,800), Engineering ($18,000), Parks and Recreation ($3,800), and Manager ($1,800).  We recommend use of additional interest income to off-set the budgetary need for additional workers’compensation appropriations.
• Increase transfers to the Grants Fund for $18,456 for grants matches.
• Reduce transfer to Debt Service Fund for the Town Operations Center by $114,578. We are now able to make the transfer from Housing Capital Funds as originally planned.  Increase the transfer to Capital Improvements Fund by $114,578. 
• Increase transfers to the Streets and Sidewalks Bond Fund and the related payment in lieu revenues by $25,500 to reflect actual receipts intended for street and sidewalk improvements.

Streets and Sidewalks Bond Fund

 

• Increase transfer from General Fund by $25,500 for payment in lieu funds received in the General Fund and increase the master sidewalks account by the same amount.

 

• Increase payments in lieu and the master sidewalks account by $3,000.

 

RECOMMENDATION

That the Council enact the attached year-end budget amendments for 2006-07 [2007-06-27/O-1a, 2007-06-27/O-1b].