AGENDA #4b

MEMORANDUM

 

TO:                  Mayor and Town Council

 

FROM:            W. Calvin Horton, Town Manager

 

SUBJECT:       Year-End Budget Amendment for 2001-02

 

DATE:             June 24, 2002

 

The attached budget amendment reflects technical accounting and budget adjustments or transfers 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 2002-2003. Below is a brief description of each item.

 

General Fund

 

In the General Fund, the attached amendment would:

 

• Increase General Fund expenditures by $204,000 to account for the lease purchase authorized earlier this year for the second phase acquisition of the mobile roll carts in the Public Works Department budget.  In accord with appropriate accounting principles, the full cost of $204,000 for this purchase should be recorded in the year of purchase.  The full cost is then offset by the bank loan for the purchase, which is recorded as revenue in the current year.

 

• Transfer budgeted expenditures of $59,099 in the General Fund to the Vehicle Maintenance Fund for the repair and maintenance of vehicles.  These expenditures were inadvertently reappropriated to the General Fund in error as a part of the annual reappropriations in September, 2001.  With the creation of the new Vehicle Maintenance Fund for 2001-02, the reappropriations should have been made to the Vehicle Maintenance Fund.

 

• Increase budgeted expenditures by $45,070 in the Engineering Department budget to reflect expenses for traffic impact studies for various developments under the new program authorized by the Council earlier last year.  The expenditures would be offset by $45,070 in revenue received from developers for the impact studies as required by the Town’s development ordinance.

 

• Increase Non-departmental expenses by $64,237 to reflect bond issuance expenses related to the refinancing of general obligation bonds completed earlier this year.  These expenses are offset by bond proceeds from the financing.

 

 

Capital Improvements Fund and Multi-Year Capital Project Fund

 

• Transfer $1.2 million in budgeted expenditures for the capital costs of renovating the Hargraves Center and A. D. Clark Pool and Bathhouse from the Capital Improvements Fund to the Multi-Year Capital Project Fund.   Because this project will not be completed by year end, we recommend transferring these capital expenditures to the existing Multi-Year Capital Project Fund in order to avoid having to reappropriate the funds in the next fiscal year.

 

 

RECOMMENDATION

That the Council adopt the attached year-end budget amendment for 2001-2002.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AN ORDINANCE TO AMEND “THE ORDINANCE CONCERNING APPROPRIATIONS AND THE RAISING OF REVENUE FOR THE FISCAL YEAR BEGINNING JULY 1, 2001 (2002-06-24/O-1)

 

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, 2001” as duly adopted on June 25, 2001, be and the same is hereby amended as follows:

 

ARTICLE I

 

                                                  Current                                                                       Revised

APPROPRIATIONS                  Budget                Increase           Decrease                  Budget

 

GENERAL FUND

      Public Works                   9,678,227                204,000                                      9,474,227

      Non-departmental

            Bond Issuance

            Expenses                                 0                  64,237                                           64,237

 

VEHICLE

MAINTENANCE FUND        837,572                  59,099                                         896,671

 

CAPITAL

IMPROVEMENTS FUND

      Hargraves Renovations     1,200,000                                      1,200,000                           0           

 

ARTICLE II

 

REVENUES

 

GENERAL FUND 

     Other Revenues                   223,600                  45,070                                         268,670

     Transfers/Other Sources    1,333,000                204,000                                      1,537,000

 

VEHICLE

MAINTENANCE FUND        837,572                  59,099                                         896,671

 

CAPITAL

IMPROVEMENTS FUND

     Installment Proceeds         1,200,000                                      1,200,000                           0

 

Copies of this budget 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 Clerk.

 

This the 24^th day of June, 2002.

 

AN ORDINANCE TO AMEND THE CAPITAL PROJECTS ORDINANCE FOR VARIOUS CAPITAL PROJECTS (2002-06-24-O-2)

 

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, that 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 capital projects funded from grants, the Capital Improvements Program funds, 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 as follows:

 

                                                                        Current Budget Revised Budget

 

         Adopt-A-Trail Grant                                                        35,000                         35,000

         Clean Water Management Grant                                     200,000                       200,000

         Chapel Hill-Carrboro School                                          148,059                       148,059

         Metropolitan Planning Grant                                              79,000                         79,000

         State Bicycle/Pedestrian Grant                                        300,000                       300,000

         Pritchard Park Gift                                                          100,193                       100,193

         Pritchard Park Interest & Rental Income                           63,807                         63,807

         Donations                                                                           2,000                           2,000

         Orange County Bond Funds                                           205,000                       205,000

         Transfer from CIP Fund                                                  416,549                       416,549

         Transfer from General Fund                                              25,000                         59,000

         Interest Earnings                                                               88,156                         88,156

         N.C. Transportation Grant                                              212,865                       212,865

         OWASA Reimbursement                                                 42,931                         42,931

         Pedestrian Signal Reimbursement                                        5,000                           5,000

         N. C. DOT Grant                                                           207,500                       207,500

         Installment Purchase Proceeds                                                   0                    1,200,000

        

         Total                                                                           2,182,935                    3,382,935

 

SECTION IV

 

                                                                        Current Budget Revised Budget

 

         Booker Creek Linear Park                                               20,000                         20,000

         Dry Creek Trail                                                              270,800                       270,800

         Lower Booker Creek Trail                                             721,749                       721,749

         Pritchard Park                                                                164,000                       164,000

         Southern Community Park                                              205,000                       205,000

         Willow Drive Bridge                                                       343,952                       343,952

         Hargraves                                                                         50,000                         50,000

         Scroggs School Athletic Fields                                        148,059                       148,059

         N. C. 54/Hamiliton Improvements                                   170,000                       170,000

         Morgan Creek Trail                                                          89,375                         89,375

         Hargraves Renovations                                                              0                    1,200,000

        

         Total                                                                           2,182,935                    3,382,935

 

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 Clerk.

 

This the 24th day of June, 2002.