AGENDA DATE: 6/1/2016
TITLE:
Title
Resolution to Appropriate FY 17 On-going Funding of Multi-Year Capital Projects.
BODY
SUBJECT/PROPOSAL/REQUEST: Approval of Budget Amendment and Appropriation #2017001
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Foley, Letteri, Kamptner, Allshouse, and Burrell
PRESENTER (S): Lori Allshouse
LEGAL REVIEW: Yes
REVIEWED BY: Thomas C. Foley
BACKGROUND: The County's Special Revenue and Capital Project Budgets most often affect multiple fiscal years, thus requiring a re-appropriation of the remaining funds from one fiscal year to the succeeding fiscal year.
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 FY 17 appropriations included in the comprehensive resolution itemized below is $52,956,097.84 net of transfers between CIP funds. Because the cumulative amount of the appropriations exceeds one percent of the currently adopted budget, a budget amendment public hearing is required in order to re-appropriate unspent and unencumbered Capital Improvement Projects and Special Revenue funds.
STRATEGIC PLAN: Mission: To enhance the well-being and quality of life for all citizens through the provision of the highest level of public service consistent with the prudent use of public funds.
DISCUSSION: The proposed FY 17 Budget Amendment and the comprehensive resolution funds and appropriates the remaining balance of $52,956,097.84 (net of transfers between CIP funds) for encumbered purchase orders and contracts and the unencumbered special revenue projects and capital projects in a single resolution. The estimated expenses and revenues (net of transfers) included in the proposed amendment are shown below:
ESTIMATED EXPENDITURES
Capital Improvements Funds $ 52,954,277.89
Special Revenue Funds 1,819.95
TOTAL ESTIMATED EXPENDITURES - All Funds $ 52,956,097.84
ESTIMATED REVENUES
Local Revenue $ 93,746.84
State Revenue 4,556,109.56
Federal Revenue 159,000.00
Borrowed Proceeds 1,468,408.00
Other Fund Balances 46,678,833.44
TOTAL ESTIMATED REVENUES - All Funds $ 52,956,097.84
RECOMMENDATION:
Recommendation
After the public hearing, staff recommends approval of the $52,956,097.84 Budget Amendment for FY 17 and adoption of the Resolution to Appropriate FY 17 On-going Funding of Multi-Year Capital Projects Appropriation #2017001 (Attachment A) that appropriates a total of $52,956,097.84 to various capital improvement projects and special revenue projects that were funded in FY 16 but are on-going in FY 17.
ATTACHMENTS:
A - FY 17 Resolution of Continuing Multi-Year Capital Project Appropriation #2017-001