COUNTY OF ALBEMARLE

 

EXECUTIVE SUMMARY

 

 

AGENDA TITLE:

FY 09/10 Resolution of Appropriations

 

SUBJECT/PROPOSAL/REQUEST:

Request Approval of the Resolution of Appropriations for the Albemarle County Operating and Capital Budgets for FY 09/10

 

STAFF CONTACT(S):

Messrs. Tucker, Foley, Davis, and Wiggans

 

LEGAL REVIEW:   Yes

 

AGENDA DATE:

May 6, 2009

 

ACTION:                INFORMATION:   

 

CONSENT AGENDA:

  ACTION:   X          INFORMATION:   

 

 

ATTACHMENTS:   Yes

 

 

REVIEWED BY:

 

 

 

BACKGROUND:

The County’s FY 09/10 Operating and Capital Budgets were adopted by the Board of Supervisors on April 8, 2009, for a total estimated amount of $303,723,333. The attached Annual Resolution of Appropriations for the fiscal year ending on June 30, 2010 provides the authority from the Board of Supervisors for the County to spend those funds, effective July 1, 2009.

 

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 09/10 that allocates a total of $304,262,583 to various General Government and School Division operating, capital improvement, and debt service accounts for expenditure in FY 09/10. This appropriation is made up of the following major funds:

 

                                    General Fund                                             $218,991,472

                                    School Fund                                                148,978,488

                                    School Self-Sustaining                                   16,948,585

                                    Special Revenue                                            14,372,905

                                    Capital Projects                                             17,564,000

                                    Debt Service                                                  18,242,915

                                    TOTAL                                                      $435,098,365

 

                                    Less Inter-fund Transfers                           ($130,835,782)

 

                                    GRAND TOTAL                                         $304,262,583

 

The FY 09/10 total budget recommended for appropriation is $539,250 greater than the budget formally adopted by the Board on April 8, 2009. This is due to an increase of $444,632 in state funding to the school system as well as an additional $94,618 in state funding for the Bright Stars program. The appropriated budget reflects the School Fund that was approved by the School Board at its April 23, 2009 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

A - Annual Resolution of Appropriations for FY 09/10

B - Resolution of Official Intent to Reimburse Expenditure with Proceeds of a Borrowing

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