COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

FY 2008/2009 Resolution of Appropriations

 

 

SUBJECT/PROPOSAL/REQUEST:

Request Approval of the Resolution of Appropriations for the Albemarle County Operating and Capital Budgets for FY 2008/2009

 

 

STAFF CONTACT(S):

Tucker, Foley, Davis, Wiggans, Vinzant

 

 

LEGAL REVIEW:   Yes

 

AGENDA DATE:

May 7, 2008

 

ACTION:                INFORMATION:   

 

CONSENT AGENDA:

  ACTION:   X          INFORMATION:   

 

 

ATTACHMENTS:   Yes

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

The County’s FY 08/09 Operating and Capital Budgets were adopted by the Board of Supervisors on April 9, 2008, for a total estimated amount of $334,656,795. The attached Annual Resolution of Appropriations for the fiscal year ending on June 30, 2009 provides the authority from the Board of Supervisors for the County to spend those funds, effective July 1, 2008.

 

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.

 

RECOMMENDATIONS:

Staff recommends approval of the attached Annual Resolution of Appropriations for FY 08/09 that allocates a total of $333,715,685 to the various General Government and School Division operating, capital improvement, and debt service accounts for expenditure in FY 08/09. This appropriation is made up of the following major funds:

 

                        General Fund                                 $224,391,325

                        School Fund                                    151,295,942

                        School Self-Sustaining                       16,525,489

                        Special Revenue                                14,169,284

                        Capital Projects                                 49,243,476

                        Debt Service                                      15,351,534

                        TOTAL                                          $470,977,050

 

                        Less Inter-fund Transfers                ($137,261,365)

 

                        GRAND TOTAL                             $333,715,685

 

The FY 08/09 total budget recommended for appropriation is $941,110 less than the budget formally adopted by the Board on April 9, 2008. This is due primarily to a reduction in State revenues to the School Fund that was not incorporated into the original adopted budget. The appropriated budget reflects the School Fund that was approved by the School Board at its April 24, 2008 meeting.

 

Staff also recommends approval of the attached Resolution of Official Intent to Reimburse Expenditures with Proceeds of a Borrowing.  This would allow the County to use bond proceeds to reimburse the capital budget for expenditures incurred prior to the future planned issuance of bonds.

 

ATTACHMENTS

Annual Resolution of Appropriations for FY 08/09

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

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