AGENDA DATE: 6/2/2021
TITLE:
Title
Fiscal Year 2022 (FY 2022) Resolution of Appropriations
BODY
SUBJECT/PROPOSAL/REQUEST: Approval of the Resolution of Appropriations for the Albemarle County Operating and Capital Budgets for FY 2022; Recommendation and Update to the FY 2022 Budget
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Kamptner, Birch, Bowman, Vinzant, Mitchell
PRESENTER (S): Andy Bowman
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: The Board of Supervisors adopted the County's FY 2022 Operating and Capital Budget totaling $466,177,427 during the May 5, 2021 Board meeting. At the Board's June 2, 2021 meeting, staff will ask the Board to consider the following items:
1) Adoption of Annual Resolution of Appropriations: To provide the authority from the Board to spend these funds, the Board's adoption of an Annual Resolution of Appropriations for the fiscal year ending on June 30, 2022 is required.
2) Adoption of Resolution of Official Intent to Reimburse Expenditures with Proceeds of a Borrowing: In addition, the Board's adoption 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 projects.
3) Update on the FY 2022 Budget: Finally, staff provided to the Board a third quarter financial report on May 19, 2021 that showed continued revenue recovery in FY 2021, which also has implications for improved FY 2022 revenue projections. As part of the County's 3-6-6 approach to managing the FY 2021 budget, referring to the last three months on FY 2020, the first six months of FY 2021, and the last six months of FY 2021, staff will provide a recommended framework for Board direction to amend the FY 2022 budget with a subsequent appropriation request in July.
STRATEGIC PLAN: Mission - To enhance the well-being and quality of life for all ...
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