COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

FY 2004/2005 Resolution of Appropriations

 

 

SUBJECT/PROPOSAL/REQUEST:

Request Approval of the Resolution of Appropriation for the Albemarle County Operating and Capital Budgets for FY 2004/2005

 

 

STAFF CONTACT(S):

Messrs. Tucker, Breeden; Ms. White

 

 

LEGAL REVIEW:   Yes

 

AGENDA DATE:

June 2, 2004

 

ACTION:                                  INFORMATION:   

 

CONSENT AGENDA:

  ACTION:      X                        INFORMATION:   

 

 

ATTACHMENTS:    Yes

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

The County’s FY 2004/2005 Operating and Capital Budgets were adopted by the Board of Supervisors on April 14, 2004, for a total estimated amount of $241,073,047. The attached Annual Resolution of Appropriations for the Fiscal Year ending on June 30, 2005 provides the authority from the Board of Supervisors for the County to spend those funds, effective July 2, 2004.

 

 

STRATEGIC PLAN:

4.2 Fund County services in a fair, efficient manner and provide needed public facilities and infrastructure

 

 

DISCUSSION:

This Resolution is a comprehensive Resolution which appropriates the total County budget, including both operating and capital funds in a single resolution, and includes many of the initial Special Revenue Fund appropriations that in the past were not included in the operating appropriation resolution.

 

Since April, adjustments have been made to the adopted budget numbers as updated information became available. These adjustments have resulted in a revised net total appropriation amount in this resolution of $241,138,729, a difference of $65,682. The change is due partially to an increase in Special Revenue Funds. The remainder of the adjustment is a result of having a more detailed picture of the many inter-fund transfers included in the various accounts.

 

The 2004 State of Virginia General Assembly, acting in special session, did not pass a budget for the 2004-2006 biennium until May 7, 2004. The budget is currently before Governor Warner for his action and will not be finalized until mid-June. As such, specifics of the State budget are still unknown. Albemarle County Schools anticipate an increase of approximately $2.6 million in additional revenue from the State over the amount approved by the School Board. Local government does not anticipate any increases over what was approved by the Board of Supervisors on April 14, 2004. This appropriation resolution withholds $2.6 million from the approved local transfer to the school division and the recognition of the additional $2.6 million in State revenues in the school division. Once the impact of the State budget is fully known and the alternatives for the uses of the anticipated additional State revenue are discussed, the Board of Supervisors may choose to appropriate an additional amount to the school division. 

 

General Fund                                                                                                                          $159,847,660

The appropriated amount for the General Fund decreases by $2.6 million from what was approved in April. This is a result of a decrease in the transfer to the school division.

 

School Fund                                                                                                                            $114,456,037

Overall, the School Fund increases by $2,940 over the Adopted Budget due to a technical modification adjusting the amount of the transfer from the General Fund to the School Division for Human Resources. The $2.6 million decrease in the school transfer is offset by a corresponding increase in State revenue.

 

School Self-Sustaining Funds                                                                                                   $12,829,917

There are no changes to the School Self-Sustaining Funds budget adopted in April.

 

Special Revenue Funds                                                                                                            $14,865,591

The Special Revenue Funds budget increases by $23,961 over the amount adopted in April. This is due to a $16,791 increase in the United Way Day Care Fund, a $4,500 decrease in the Metro Planning Grant Fund, and an inter-fund transfer adjustment of $11,400 in the Vehicle Replacement Fund.

 

General Government Capital Improvements Fund                                                                    $16,476,135

There are no changes to the General Government Capital Improvements Fund budget adopted in April.

 

School Division Capital Improvements Fund                                                                             $11,228,000

There are no changes to the School Division Capital Improvements Fund budget adopted in April.

 

Stormwater Capital Improvements Fund                                                                                       $400,000

There are no changes to the Stormwater Capital Improvements Fund budget adopted in April.

 

Debt Service Fund                                                                                                                     $13,092,256

There are no changes to the Debt Service Fund budget adopted in April.

 

 

RECOMMENDATIONS:

Staff recommends approval of the attached Annual Resolution of Appropriations for FY 2004/2005 that allocates a total of $241,138,729 to the various General Government and School Division operating, capital improvement, and debt service accounts for expenditure in the FY 2004/2005. Also recommended for approval is the attached Resolution of Official Intent to Reimburse Expenditures with Proceeds of a Borrowing.

 

 

ATTACHMENTS:

Annual Resolution of Appropriations for FY 2004/2005

Resolution of Official Intent to Reimburse Expenditures with Proceeds of a Borrowing

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