AGENDA DATE: 6/5/2019
TITLE:
Title
FY 2020 Budget Amendment and Appropriations
SUBJECT/PROPOSAL/REQUEST: Public Hearing on the Proposed FY 2020 Budget Amendment and the Resolution to approve Appropriations for local government and school projects and programs, and additionally, a Resolution of Intent to Reimburse Expenditures with Proceeds of a Borrowing.
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Kamptner, Allshouse L., Bowman, Mitchell, Bittle
PRESENTER (S): Lori Allshouse
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 FY 2020 appropriations itemized below is $85,008,114.90. 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 2020 Budget Amendment totals $85,008,114.90. The estimated expenses and revenues included in the proposed amendment are shown below:
The budget amendment is comprised of two (2) separate appropriations: #2020001 and #2020002.
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 #2020002. The Resolution would allow the County to use up to $19,813,900.00 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 Resolutions (Attachments B and C) for local government and school 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 D).
ATTACHMENTS:
Attachment A - Appropriation Descriptions
Attachment B - Resolution to Appropriate On-going Funding of Multi-Year Capital Projects
Attachment C - Appropriation Resolution
Attachment D - Borrowing Resolution