AGENDA #4u

MEMORANDUM

TO:                  Mayor and Town Council

FROM:            W. Calvin Horton, Town Manager

SUBJECT:       Housing Budget Amendment

DATE:             June 30, 2004

The attached amendments would accept additional revenue received during the year but not budgeted:

• Insurance claim revenue received for a fire claim for Trinity Court ($57,415).
• Sales Tax for one of the Capital Fund grants ($15,111).  Grant was closed during the year; therefore, refund of sales tax was recorded as Miscellaneous Revenue in the Capital Fund.

RECOMMENDATION

We recommend adopting the attached budget amendments accepting the revenue from the insurance claim and the refund of the sales tax.

AN ORDINANCE TO AMEND “THE ORDINANCE CONCERNING APPROPRIATIONS AND THE RAISING OF REVENUE FOR THE FISCAL YEAR BEGINNING JULY 1, 2003” (2004-06-30/O-8a)

BE IT ORDAINED by the Council of the Town of Chapel Hill that the Budget Ordinance entitled “An Ordinance Concerning Appropriations and the Raising of Revenue for the Fiscal Year Beginning July 1, 2003” as duly adopted on June 9, 2003, and the same is hereby amended as follows:

This the 30^th day of June, 2004.

AN ORDINANCE TO AMEND THE CAPITAL GRANTS ORDINANCE FOR VARIOUS CAPITAL HOUSING PROJECTS (2004-06-30/O-8b)

BE IT ORDAINED by the Council of the Town of Chapel Hill that, pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the capital projects ordinance for various capital projects funded from a variety of sources is hereby amended as follows:

SECTION I

The capital projects as authorized by the Town Council includes various housing capital projects funded from grants and other miscellaneous sources of revenue for a variety of projects extending beyond one fiscal year.

SECTION II

The Manager of the Town of Chapel Hill is hereby directed to proceed with implementation of these projects within terms of funds appropriated here.

SECTION III

Revenues anticipated to be available to the Town to complete the project are hereby amended as follows:

Current Budget Revised Budget

                                                                                            3,491,120                    3,506,231

SECTION IV

Amounts appropriated for capital projects are hereby amended as follows:

Current Budget Revised Budget

                                                                                            3,491,120                    3,506,231

SECTION V

The Manager is directed to report annually on the financial status of the project in an informational section to be included in the Annual Budget, and shall keep the Council informed of any unusual occurrences.

SECTION VI

Copies of this projects ordinance shall be entered into the Minutes of the Council and copies shall be filed within 5 days of adoption with the Manager, Finance Director and Town Clerk.

This the 30^th day of June, 2004.