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Town of Chapel Hill Executive Summary |
Meeting Date: 09-08-2008 AGENDA #4c |
Title of Agenda Item: Annual Budget Ordinance Amendment to Reappropriate Funds for Prior Year Encumbrances and Other Obligations
Background: After each fiscal year end, Council is requested to amend the current year budget ordinance to provide funding for encumbrances from the prior fiscal year. Encumbrances are obligations incurred by issuance of purchase orders for which payments were not made as of June 30, 2008, because materials or services had not been delivered. In accordance with generally accepted accounting principles, encumbrances were not included as expenditures for 2007-08 and must be reappropriated for payment during the 2008-09 budget. [Attached staff memorandum provides further information.]
Staff Recommendation(s): That the Council enact the budget ordinance amendment reappropriating unexpended obligations from the 2007-08 fiscal year and the attached multi-year capital projects ordinance.