COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

FY 2007/2008 Resolution of Appropriations

 

 

SUBJECT/PROPOSAL/REQUEST:

Approval of the Resolution of Appropriations for the Albemarle County Operating and Capital Budgets for FY 2007/2008

 

 

STAFF CONTACT(S):

Tucker, Foley, Davis, Breeden

 

LEGAL REVIEW:   Yes

 

AGENDA DATE:

June 6, 2007

 

ACTION:                                 INFORMATION:   

 

CONSENT AGENDA:

  ACTION:   X                         INFORMATION:   

 

 

ATTACHMENTS:   Yes

 

 

REVIEWED BY:

 

BACKGROUND:

The County’s FY 07/08 Operating and Capital Budgets were adopted by the Board of Supervisors on May 9, 2007, for a total estimated amount of $305,409,603. The attached Annual Resolution of Appropriations for the Fiscal Year ending on June 30, 2008 would authorize the expenditure of those budgeted funds, effective July 1, 2007.

 

 

STRATEGIC PLAN:

Goal 5 – Develop a comprehensive strategy/plan for funding future needs.

 

 

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 $305,409,603, a decrease of $352,239. The change is due to minor adjustments in the School Self-Sustaining Funds and Special Revenue Funds and changes in transfers between funds.

 

General Fund                                                                                                                               $219,137,216

There are no changes to the General Fund Budget adopted in May.

 

School Fund                                                                                                                                 $147,950,352

There are no changes to the School Fund Budget adopted in May.

 

School Self-Sustaining Funds                                                                                                        $15,254,196

The transfer to the School Bus Replacement Fund from the School Fund Budget decreased $100,000.

 

Special Revenue Funds                                                                                                                 $13,869,832

Special Revenue Funds have decreased $526,474 since the budget was adopted. This is due to removal of the United Way Day Care Scholarship Program as a special revenue. Federal funding for this program ended on May 31, 2007. The County will still continue to provide funding for the program, which will be rolled up under the DSS Service Programs in the County’s General Fund.

 

General Government Capital Improvements Fund                                                                        $14,139,592

There are no changes to the General Government Capital Improvements Fund Budget adopted in May.

 

School Division Capital Improvements Fund                                                                                 $14,128,000

There are no changes to the School Division Capital Improvements Fund Budget adopted in May.

 

Stormwater Capital Improvements Fund                                                                                            $725,000

There are no changes to the Stormwater Capital Improvements Fund Budget adopted in May.

 

Debt Service Fund                                                                                                                         $14,721,044

There are no changes to the Debt Service Fund Budget adopted in May.

 

Interfund Transfers                                                                                                                       $134,515,629

Transfers between funds decreased by $274,235 since the budget was adopted in May.

 

Also attached is a Resolution that will allow the County to reimburse with borrowed funds general revenue dollars expended for capital projects that are planned to be funded with debt.  Without this resolution, bond proceeds could not be used for expenditures for those projects required to be made prior to the sale of bonds.

 

 

RECOMMENDATIONS:

Staff recommends adoption of the attached Annual Resolution of Appropriations for FY 07/08 that allocates a total of $305,409,603 to the various General Government and School Division operating, capital improvement, and debt service accounts for expenditure in the FY 07/08. In addition, staff recommends the adoption of the attached Resolution of Official Intent to Reimburse Expenditures with Proceeds of a Borrowing.

 

 

ATTACHMENTS

Annual Resolutions of Appropriations of the County of Albemarle

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

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