COUNTY OF ALBEMARLE

 

                                                                    EXECUTIVE SUMMARY

 

 

AGENDA TITLE:  

Proposed FY 2005 Budget Amendment

 

 

SUBJECT/PROPOSAL/REQUEST:

Public Hearing on the Proposed FY 2005 Budget Amendment in the amount of $614,600.00 and request approval of amendment and of Appropriation #2005001 to provide funding for various School programs.

 

 

STAFF CONTACT(S):

Messrs. Tucker, Breeden, Ms. White

 

AGENDA DATE:                      

June 2, 2004

 

ACTION:      X                          INFORMATION:

 

 

CONSENT AGENDA:         

     ACTION:                             INFORMATION:

 

 

ATTACHMENTS:    Yes

 

REVIEWED BY:

 

 

BACKGROUND:

The Code of Virginia 15.2-2507 stipulates that any locality may amend its budget to adjust the aggregate amount to be appropriated during the current fiscal year as shown in the currently adopted budget.  However, any such amendment which exceeds one percent of the total expenditures shown in the currently adopted budget or the sum of $500,000, whichever is lesser, must be accomplished by first publishing a notice of a meeting and holding a public hearing before amending the budget.  The Code section applies to all County funds, i.e., General Fund, Capital Funds, E-911, School Self-Sustaining, etc.

 

STRATEGIC PLAN:

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

 

DISCUSSION:

The proposed increase of this FY 2005 Budget Amendment totals $614,600.00.  The estimated expenses and revenues included in the proposed amendment are shown below:

 

       ESTIMATED EXPENDITURES

                   Education Fund                                     $      614,600.00

 

       TOTAL ESTIMATED EXPENDITURES All Funds                                              $   614,600.00

 

       ESTIMATED REVENUES

                   Other Fund Balances                                         $   614,600.00

 

       TOTAL ESTIMATED REVENUES All Funds                                                     $   614,600.00

 

This budget amendment is comprised of one appropriation (#2005001) in the amount of $614,600 and uses fund balance to amend the school budget to match the amount adopted on April 22, 2004 by the School Board.

 

A detailed description of this request is provided on Attachment A.

 

RECOMMENDATION:

Staff recommends approval of the FY 2005 Budget Amendment in the amount of $614,600.00, after the public hearing, and then approval of Appropriation #2005001 to provide funds for various School programs as described in Attachment A.

 

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