AGENDA DATE: 5/9/2018
TITLE:
Title
FY 19 Resolution of Appropriations
BODY
SUBJECT/PROPOSAL/REQUEST: Approval of the Resolution of Appropriations for the Albemarle County Operating and Capital Budgets for FY 19
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Kamptner, Allshouse, L., Bowman, Vinzant
PRESENTER (S): Lori Allshouse
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: The Board of Supervisors adopted the County's FY 19 Operating and Capital Budgets totaling $432,190,800 during the April 17, 2018 Board meeting. At the Board's May 9, 2018 meeting, staff will ask the Board to consider four items.
1) Approval of Annual Resolution of Appropriations: To provide the authority from the Board to spend these funds, an Annual Resolution of Appropriations for the fiscal year ending on June 30, 2019 is required. The attached FY 19 Annual Resolution of Appropriations includes amendments to reflect the impact of changes in health insurance employer contribution rates and an option to accommodate the School Board's April 26 adoption of its budget for the School Fund.
2) School Board Request: At its February 8, 2018 meeting, the School Board adopted a resolution requesting that the Board of Supervisors appropriate the School Division's FY 19 operating fund in a single category and the special revenue fund in a single category as allowed by state statute.
3) General Government Reserve for Contingencies: At its April 17, 2018 meeting, the Board requested further information on the $180,893 placed in the General Fund Reserve for Contingencies as a result of updated revenue projections.
4) Official Intent to Reimburse Expenditures with Proceeds of a Borrowing: In addition, the Board's approval of a Resolution of Official Intent to Reimburse Expenditures with Proceeds of a Borrowing is required to provide the County with the authority to use bond proceeds to reimburse capital program expenditures for the specified project...
Click here for full text