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Town of Chapel Hill Executive Summary |
Meeting Date: 03-23-2009 AGENDA #4e |
Title of Agenda Item: Budget Ordinance Amendments
Background: The attached staff memorandum includes background information on various Transit Funds to reflect changes, corrections and budget adjustments.
Fiscal Note: The greatest adjustment reflects a $225,782 decrease in the budget for State Maintenance Assistance, which can be accommodated in the Transit Fund by a reduction in the fuel budget in the current year. One amendment will reserve a $115,168 donation from the University to increase the Transit Capital Reserve. Other amendments make adjustments to State and local matches for three transit grants that currently total about $6.5 million, requiring a net increase in local match of $36,582 and additional $67,153 in other revenue sources. The miscellaneous adjustments are summarized in the table below.
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Revenue |
Expenses |
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Transit Fund |
(225,782) |
(225,782) |
Reduce State assistance |
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115,168 |
Transfer to Transit Capital Reserve |
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Transit Capital Reserve Fund |
115,168 |
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Reserve UNC refund |
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Transit Grants |
(37,126) |
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Reduce federal grant |
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57,871 |
65,699 |
Increase State match |
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36,582 |
38,036 |
Increase local match |
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46,408 |
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Increase Program income |
Staff Recommendation(s): That the Council enact the budget ordinance amendments.
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