2009-10-12 Regular Council Session Agenda

Home Browse Search

Council Agenda Item Cover _____________________________________________________________________ MEETING DATE: October 12, 2009 AGENDA ITEM TITLE: Resolution for FY09 Budget Amendment #3 AGENDA SECTION: New Business CAN THIS ITEM BE RESCHEDULED? : Yes BACKGROUND REVIEW: Attached is the third budget amendment for fiscal year 2008-2009. There will be a presentation of draft year-end financial information at the meeting. General Fund 1) – The General Fund expenditures were under budget. This transfer covers an overage in legal services expenditures and a transfer of funds for an emergency sewer line repair related to a park restroom. Debt Service Fund 2)– This small increase in expenditures was related to a $400 debt service expenditure from the Trustee. Sewer Lateral Repair Fund 3) – Sewer lateral repairs were greater this year than in past years and additional funding was necessary. Total expenditures are still less than annual revenue. Solid Waste Fund 4) – This was the first year of the establishment of an enterprise fund for all expenditures and revenue from solid waste. Prior to FY09 these programs were accounted for in the General Fund. The intent of the creation of an enterprise fund is for the service charges to pay for all solid waste collection costs. There were significant overages in the fund this year related to disposal of flood refuse. This caused revenues to be less than the expenditures for the year (deficit). Since this is a new fund with no beginning fund balance, the amount of $40,000 is needed for an operating transfer from the General Fund to the Solid Waste Fund to bring this fund into balance. Economic Development Sales Tax 5) – This item transfers planned cost from one line item to another. Items planned have not yet occurred and the Loop Trolley donation was finally made in this fiscal year. Olive Central TIF 6) – There were additional legal services needed this year related to the purchase of several properties.