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<br />June 12, 1992 <br /> <br />FROM: <br /> <br />~ <br /> <br />Willie Norfleet, Director of Finance~ <br /> <br />TO: <br /> <br />Frank Ollendorff, City Manager <br /> <br />SUBJECT: <br /> <br />Fourth Quarter Budget Transfers <br /> <br />The attached list represents the final budget transfers for this fiscal year. <br />The City Council needs to approve the transfers in order to maintain a balanced <br />budget. <br /> <br />The list of transfers assumes that there will be 100% of the budget spent. <br />Therefore, the unobligated fund balance will be used. If the budget appropri- <br />ations are not spent to the 100% level, then the unobligated fund balance will <br />not be used to the projected extent. If any revenues are collected beyond the <br />budget amount, then less of the unobligated fund balance will be used. <br /> <br />The attached list includes nearly every line item that will be overspent, which <br />represents $194,175. <br /> <br />There will be a reduction of expenditure accounts to total $115,304. <br /> <br />The City budget projects that revenues will have a net shortage of $148,943 for <br />this transfer. <br /> <br />In order to balance the budget, $232,623 in the unobligated fund balance and <br />reserves will have to be used. <br /> <br />If you have any questions, please feel free to contact me. Thank you. <br />