COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

Proposed FY 2007 Budget Amendment

 

SUBJECT/PROPOSAL/REQUEST:

Public Hearing on the Proposed FY 2007 Budget Amendment in the amount of $3,953,538.00 and request approval of amendment and of Appropriations #2007001 and #2007002 to provide funding for various Capital programs.

 

 

STAFF CONTACT(S):

Messrs. Tucker, Davis, Breeden, Wiggans; Ms. White

 

LEGAL REVIEW:   Yes

 

 

AGENDA DATE:

July 5, 2006    

 

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 Fund, E-911, School Self-Sustaining, etc.

 

 

STRATEGIC PLAN:

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

 

 

DISCUSSION:

The proposed increase of this FY 2007 Budget Amendment totals $3,953,538.00. The estimated expenses and revenues included in the proposed amendment are shown below:

 

            ESTIMATED EXPENDITURES

                  Capital Improvements Fund                                                    $          3,953,538.00

 

                  TOTAL ESTIMATED EXPENDITURES – All Funds                $          3,953,538.00

 

            ESTIMATED REVENUES

                  State Revenues                                                                    $             265,538.00

                  Loan Proceeds                                                                      $         3,688,000.00

 

                  TOTAL ESTIMATED REVENUES – All Funds                         $          3,953,538.00

 

 

The budget amendment is comprised of two (2) separate appropriations:

 

·         One (1) appropriation (#20070001) totaling $265,538.00 for the Circuit Court Clerk’s Office Technology Trust Fund; and

·         One (1) appropriation (#2007002) in the amount of $3,688,000 for adjustments to the School Capital Improvements Program.

 

A detailed description of these requests is provided on Attachment A.

 

 

RECOMMENDATIONS:

After the public hearing, staff recommends that the Board approve the FY 2007 Budget Amendment in the amount of $3,953,538 and approve Appropriations #2007001 and #2007002 to provide funds for various Capital Improvement projects as described in Attachment A.  Appropriation #2007002 includes an increase of $3.688 million in school capital projects which will be funded by increasing the VPSA bond issue from $11.775 million to $15.463 million.

 

 Attachment A

Attachment B

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