AGENDA DATE: June 3, 2015
TITLE: Resolution to Appropriate FY 16 On-going Funding of Multi-Year Capital Projects
SUBJECT/PROPOSAL/REQUEST: Approval of Budget Amendment and Appropriation #2016001
ITEM TYPE: ACTION
STAFF CONTACT(S): Foley, Letteri, Davis, 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 ยง 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 16 appropriations included in the comprehensive resolution itemized below is $43,505,750.25. 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 16 Budget Amendment and the comprehensive resolution funds and appropriates the remaining balance of $43,505,750.25 for encumbered purchase orders and contracts and the unencumbered special revenue projects and capital projects in a single resolution. The estimated expenses and revenues included in the proposed amendment are shown below:
ESTIMATED EXPENDITURES
Capital Improvements Funds $ 42,781,172.15
Special Revenue Funds $ 724,578.10
TOTAL ESTIMATED EXPENDITURES - All Funds $ 43,505,750.25
ESTIMATED REVENUES
Local Revenue $ 4,854,621.68
State Revenue $ 2,878,401.07
Federal Revenue $ 1,983,661.09
Borrowed Proceeds $ 15,200,813.13
Other Fund Balances $ 18,588,253.28
TOTAL ESTIMATED REVENUES - All Funds $ 43,505,750.25
RECOMMENDATION:
.After the public hearing, staff recommends approval of the $43,505,750.25 Budget Amendment for FY 16 and adoption of the Resolution to Appropriate FY 16 On-going Funding of Multi-Year Capital Projects Appropriation #2016001 (Attachment A) that appropriates a total of $43,505,750.25 to various capital improvement projects and special revenue projects that were funded in FY 15 but are on-going in FY 16.
ATTACHMENTS:
Attachment A - FY 16 Resolution of Continuing Multi-Year Capital Project Appropriation #2016-001