AGENDA DATE: 10/4/2017
TITLE:
Title
FY 2018 Budget Amendment and Appropriations and Official Intent to Reimburse Expenditures with Proceeds of a Borrowing
BODY
SUBJECT/PROPOSAL/REQUEST: Public Hearing on the Proposed FY 2018 Budget Amendment in the amount of $13,600,923.84, the Resolution to approve Appropriations for local government and school division projects and programs, and the Resolution of Intent to Reimburse Expenditures Related to School Capital Projects with Proceeds of a Borrowing.
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Walker, Letteri, Kamptner, and Allshouse, L
PRESENTER (S): Lori Allshouse
LEGAL REVIEW: Yes
REVIEWED BY: Douglas C. Walker
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 FY 2018 appropriations itemized below is $13,600,923.84. 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 citizens 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 2018 Budget Amendment totals $13,600,923.84. The estimated expenses and revenues included in the proposed amendment are shown below:
|
ESTIMATED EXPENDITURES |
|
|
|
General Fund |
$ |
758,333.15 |
|
Special Revenue Funds |
$ |
2,037,473.13 |
|
ECC Funds |
$ |
322,432.50 |
|
Capital Improvement Funds |
$ |
12,164,524.35 |
|
Storm Water |
$ |
4,452.00 |
|
TOTAL ESTIMATED EXPENDITURES - All Funds |
$ |
15,287,215.13 |
|
ESTIMATED REVENUES |
|
|
|
Local Revenue |
$ |
90,345.63 |
|
State Revenue |
$ |
1,786,115.00 |
|
Federal Revenue |
$ |
882,968.99 |
|
Bond Proceeds |
$ |
8,576,033.63 |
|
Proffer Revenue |
$ |
72,000.00 |
|
General Fund Balance |
$ |
1,040,744.72 |
|
Other Fund Balances |
$ |
2,839,007.16 |
|
TOTAL ESTIMATED REVENUES - All Funds |
$ |
15,287,215.13 |
The budget amendment is comprised of a total of thirty-one (31) separate appropriations. Nineteen (19) have already been approved by the Board, and staff is requesting the approval of twelve (12) additional appropriations on October 4, as indicated below:
• One (1) appropriation approved on July 12, 2017 in agenda item FY 2018 Budget Amendment and Appropriations: #2018009;
• Nine (9) appropriations approved on August 2, 2017 in agenda item FY 2018 Budget Amendment and Appropriations: #2018010, #2018011, #2018012, #2018013, #2018014, #2018015, #2018016, #2018017, #2018018;
• Eight (8) appropriations approved on September 6, 2017 in agenda item FY 2018 Budget Amendment and Appropriations: #2018019, #2018020, #2018021, #2018022, #2018023, #2018024, #2018025, and #2018026;
• One (1) appropriation approved on September 13, 2017 in agenda item FY 2018 Budget Amendment and Appropriations: #2018033; and
• Twelve (12) appropriations for approval on October 4, 2017: #2018027, #2018028, #2018029, #2018030, #2018031, #2018032, #2018034, #2018035, #2018036, #2018037, #2018038, and #2018039 (see Attachment A).
This request is also for the Board’s approval of a Resolution of Intent to Reimburse Expenditures Related to School Capital Projects with Proceeds of a Borrowing for these projects, and is contingent on the Board’s approval of Appropriations #2018037 and #2018038. The Resolution would allow the County to use up to $8,576,034 in borrowed proceeds to reimburse the capital budget for expenditures incurred prior to the programmed borrowing of funds for these projects.
RECOMMENDATION:
Recommendation
After the public hearing, staff recommends that the Board: 1) adopt the attached Resolution (Attachment B) to approve appropriations #2018027, #2018028, #2018029, #2018030, #2018031, #2018032, #2018034, #2018035, #2018036, #2018037, #2018038, and #2018039 for local government and school division projects and programs as described in Attachment A and 2) adopt the attached Resolution of Official Intent to Reimburse Expenditures with Proceeds of a Borrowing (Attachment C).
ATTACHMENTS:
Attachment A - Appropriation Descriptions
Attachment B - Appropriation Resolution
Attachment C - Resolution of Official Intent to Reimburse Expenditures with Proceeds of a Borrowing.