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<br />February 24, 1992 <br /> <br />J) <br /> <br />FROM: Willie Norfleet, Director of Finance <br /> <br />TO: Frank Ollendorff, City Manager <br /> <br />SUBJECT: Second Quarter Budget Transfers <br /> <br />The attached list represents the second quarter transfers that need to be <br />approved by the City Council in order to maintain a balanced budget. <br /> <br />It appears that we are going to have major budgetary probl~ms. Sale tax revenue <br />appears to'be coming below the budget amount. The shortage can be as high as <br />$300,000. The transfers reflect a shortage of $200,000. <br /> <br />There are a few expenditure areas that should be monitored. The rate of overtime <br />usage for certain departments and outside miscellaneous personal services appears <br />to be going to go over the budget allocation and will need major transfers in <br />those areas if the current rate of spending continues. <br /> <br />The attached list includes nearly every line item that will be overspent, which <br />represents $172,359. <br /> <br />There was a reduction of expenditure accounts to total $222,800. <br /> <br />Miscellaneous Operating Revenues was increased by $120,000. Most of the increase <br />is because the City sold a fire house. <br /> <br />If you have any questions, please feel free to contact me. Thank you. <br />