AGENDA DATE: 12/6/2023
TITLE:
Title
Fiscal Year 2024 Budget Amendment, Appropriations, and Official Intent to Reimburse Expenditures with Proceeds of a Borrowing
BODY
SUBJECT/PROPOSAL/REQUEST: Conduct a public hearing to consider the proposed Fiscal Year 2024 budget amendment, appropriations for local government and school projects and programs, and to reimburse expenditures with proceeds of a borrowing.
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Rosenberg, Bessette, Sumner, Bowman, Davidson, Gardner, Vinzant, Mitchell, Unsworth
PRESENTER (S): Ryan Davidson
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Virginia Code §15.2-2507 provides that any locality may amend its budget to adjust the aggregate amount to be appropriated during the fiscal year, as shown in the currently adopted budget provided. However, any such amendment which exceeds one percent of the total expenditures shown in the currently adopted budget must be accomplished by first publishing a notice of a meeting and holding a public hearing before amending the budget. The Code section applies to all County funds, i.e., General Fund, Capital Funds, E911, School Self-Sustaining, etc.
The cumulative total of the Fiscal Year 2024 (FY 24) appropriations itemized below is $40,613,609. Because the cumulative amount of the appropriations exceeds one percent of the currently adopted budget, a budget amendment public hearing is required.
STRATEGIC PLAN: Mission - To enhance the well-being and quality of life for all community members through the provision of the highest level of public service consistent with the prudent use of public funds.
DISCUSSION: The proposed increase of this FY 24 Budget Amendment totals $40,613,609. The estimated expenses and revenues included in the proposed amendment are shown below:
The budget amendment is comprised of a total of 13 separate appropriations, six of which have already been approved by the Board of Supervisors.
- Three appropriations approved 10/4/2023
- Three appropriations approved 11/1/2023
- Seven appropriations requests for approval on December 6, 2023 as described in Attachment A.
This request is also for the Board’s approval of a Resolution of Intent to Reimburse Expenditures Related to Capital Projects with Proceeds of a Borrowing for these projects and is contingent on the Board’s approval of Appropriation #2024022. The Resolution would allow the County to use up to $5,300,000 in borrowed proceeds to reimburse the capital budget for expenditures incurred prior to the programmed borrowing of funds for these projects.
RECOMMENDATION:
Recommendation
Staff recommends the Board:
1. Conduct the public hearing and adopt the attached resolution (Attachment B) to approve the appropriations for County government projects and programs described in Attachment A, and
2. Adopt the attached Resolution of Official Intent to Reimburse Expenditures with Proceeds of a Borrowing (Attachment C).
ATTACHMENTS:
A - Appropriation Descriptions
B - Appropriation Resolution
C - Resolution of Official Intent to Reimburse Expenditures with Proceeds of a Borrowing