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FROM: <br /> <br />TO: <br /> <br />SUB.IECT: <br /> <br />Willie Norfleet, Director or Finance <br /> <br />Frank O[[endorrf, City Manager <br /> <br />Third Quarter Budget Transfers <br /> <br />April 23, 199:~ <br /> <br />The attached list represents the third 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 tilere will be 100% of the budget speut. <br />Therefore, the unobligated fund balance will be used. If the budget appropri- <br />atious are uot spent to the 100% level, then the unobligated fund balance will <br />not be used to the projected exteut. If any revenues are collected beyond the <br />budget amount, then less of the nnobligated fund balance wii1 be used. <br /> <br />The attached list includes nearly every line item that will be overspent, which <br />represents $279,353. <br /> <br />There will be a reduction of expenditure accounts to total $357,499. <br /> <br />TIle City budget projects that revenues will have a net shortage of $ 78,146 for <br />tills transfer. <br /> <br />In order to balance the budget, the unobligated fund balance and reserves in tile <br />amonnt of $21,651 will }lave to be used. <br /> <br />If you have any questions, please feel free to contact me. Thank you. <br /> <br /> <br />