DATE: April 2, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
SUBJECT:
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PUBLIC HEARING: Consideration of Ordinance 2015-07, an Ordinance to Amend the FY2015 Budget (04/28/15 BOMA 8-0) SECOND AND FINAL READING
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning budget amendments for the 3rd Quarter of Fiscal Year 2015.
Background
The State Comptroller has provided guidance that budget amendments are to be on the cash basis and occur within the fiscal year. In accordance with this guidance, amendments for the 3rd Quarter of fiscal year 2015 are as follows:
1. Additional $60,000 for the restroom project at Harlinsdale Park. Originally, there was $140,000 budgeted for the construction of restrooms at Harlinsdale Park. Since the budget was adopted, BOMA determined that the Friends of Franklin Parks would develop the restrooms and the City contribution would be $200,000. This amendment changes the budget to reflect that change.
2. Transfer of $919,139 to Capital Projects Fund for Streetscape elements on Hillsboro Road and Third Avenue North. This adjustment reimburses the Capital Projects fund for those improvements on Hillsboro and Third Avenue North that were directly related to Stormwater improvements.
3. Transfer of $919,139 from Stormwater Fund for Streetscape elements on Hillsboro Road and Third Avenue North. This budget adjustment reflects the above transaction from the Stormwater Fund.
Recommendation
Staff recommends approval.