DATE: May 5, 2017
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Kristine Tallent, Assistant City Administrator/Chief Financial Officer
Michael Walters Young, Budget & Analytics Manager
SUBJECT:
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PUBLIC HEARING: Consideration of Resolution 2017-32, a Resolution Adopting the Estimate of Revenues and Expenditures for the Water and Sanitary Sewer Utility Fund for Fiscal Year 2017-2018 and Fiscal 2018-2019, and providing an Effective Date. (05/11/17 Finance 3-0)
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the Water Management budget for Fiscal Year 2017-2018.
Background
The Board of Mayor & Aldermen adopt a resolution approving a biennial budget for the Fiscal Years ending on June 30 of 2018 and 2019 for the Water Management Department. This item is that resolution. Modifications to the FY 2019 portion of the biennial budget will be made in next year’s budget process.
Financial Impact
This item will propose a Water Management Budget totaling $29.87 million in revenues and $25.7 million in expenditures for Fiscal 2017-2018. The surplus is in the Wastewater potion of the fund designed to provide resources for the upcoming Wastewater Treatment Plant project.
Recommendation
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Staff recommends approval of the budget resolution.