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Town of Chapel Hill Executive Summary |
Meeting Date: 11-10-2008 AGENDA #4c |
Title of Agenda Item: Budget Ordinance Amendment for the Cal Horton Award
Background: In conjunction with the retirement of W. Calvin Horton as Town Manager in 2006, the Foundation for a Sustainable Community Inc. raised $100,000 through voluntary contributions to establish an endowment in his honor to be used to recognize outstanding service by employees of the Town of Chapel Hill. In accordance with the memorandum of understanding, the actual award for this year will be 50% of the interest earnings, or $2,127. In order to appropriate funds for this year’s award an appropriation from fund balance is needed.
Staff Recommendation(s): That the Council enact the attached budget ordinance to provide $2,127 from Fund Balance for the annual Cal Horton Service Award.
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