AGENDA DATE: 1/20/2021
TITLE:
Title
FY 2021 Budget Amendment, Appropriations, and Official Intent to Reimburse Expenditures with Proceeds of a Borrowing
BODY
SUBJECT/PROPOSAL/REQUEST: Public Hearing on the Proposed FY 2021 Budget Amendment, Resolution to approve Appropriations for local government and school projects and programs, and Resolution of Intent to Reimburse Expenditures with Proceeds of a Borrowing
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Kamptner, Birch, Bowman, Vinzant, Mitchell, Taylor
PRESENTER (S): Andy Bowman
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 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 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 Fund, Capital Funds, E911, School Self-Sustaining, etc.
The cumulative total of the FY 2021 appropriations itemized below is $37,895,756.75. Because the cumulative amount of the appropriations exceeds one percent of the currently adopted budget, a budget amendment public hearing is required.
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 #2021051. The Resolution would allow the County to use up to $27,584,717.00 in borrowed proceeds to reimburse the capital budget for expenditures incurred prior to the programmed borrowing of funds for these projects.
STRATEGIC PLAN: Mission: To enhance the well-being and quality of life for all citizens through the provision ...
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